Asian casino operator Silver Heritage Group has launched an initial public offering in hopes of raising approximately $18.6 million to help fund future projects including its under-construction Tiger Palace Resort in Nepal.
Silver Heritage Group declared that it hopes to list on the Sydney stock exchange by the end of August and is offering 62.5 million ordinary shares at a price of $0.30 each, which would give it a market capitalization post-offering of around $59.8 million.
Hong Kong-based Silver Heritage Group was established in 2003 and already manages and operates the Phoenix International Club near Hanoi, which is one of only seven licensed casinos in Vietnam, alongside The Millionaire’s Club And Casino inside Kathmandu’s Shangri La Hotel And Resort. The firm also holds interests in gaming venues in Laos and Cambodia and stated that it now wants to focus on developing casino resorts along the India-Nepal border where demand for high-quality gambling facilities from the emerging Indian middle-class is high.
“We’ve been in Asia for over twelve years and in Nepal since 2012,” read a statement from Mike Bolsover, Chief Executive Officer for Silver Heritage Group. “We are a group that develops projects over time and only where we see significant competitive advantages. We focus on mid-size opportunities and improving operating performance to best practice standards. This strategy has allowed us to build significant expertise and local knowledge while growing profitability and generating attractive returns on capital. We successfully applied for a license to operate The Millionaire’s Club And Casino in Kathmandu in early-2015 and in early-2017 will launch our beautiful new facility, Tiger Palace Resort.”
Silver Heritage Group stated that the future will see it hold a significant advantage over its competitors in Nepal as the nation has only three licensed casinos, all of which are in Kathmandu, while there are a mere six licensed venues offering live table games India. The firm proclaimed that its Tiger Palace Resort is to serve as an alternative destination for Indian tourists when it opens next year and will benefit from the fact that over 430 million people live within one day’s drive of the Nepalese border.