Silver Heritage Group Limited, located in the tiny Asian nation of Nepal, has reportedly opened talks with at least four parties said to be interested in buying its Tiger Palace Resort Bhairahawa venue.
Share setback:
According to a Wednesday report, the Sydney-listed firm only fully opened the 23.5-acre property at the beginning of last year but is now investigating a possible sale after its share price fell to an all-time low on the back of lower-than-expected revenues.
Potential suitors:
Silver Heritage Group Limited has valued the five-star facility at approximately $33 million and is currently negotiating possible deals with local investors including Vishal Group, International Money Express (IME) Group and Chaudhary Group in addition to an unnamed Nepalese businessman said to be based in Malaysia.
Significant operation:
The Kathmandu Post reported that the Tiger Palace Resort Bhairahawa is located only about seven miles from the Nepalese border with India and features a 100-room hotel alongside villas, restaurants, banqueting facilities and a gym. The venue moreover purportedly comes complete with a spa and a swimming pool while its 26,597 sq ft casino offers a selection of some 200 slots as well as 52 gaming tables.
High hopes:
Silver Heritage is reportedly furthermore responsible for gaming operations at The Millionaire’s Club and Casino inside Kathmandu’s Shangri La Hotel and Resort and had earlier unveiled plans that were to see it add a further 400 rooms to its Bhairahawa facility. The operator was also eager to open a third Nepalese casino and it had even gone so far as to purchase an 18.4-acre plot of land in the extreme southeastern corner of the Himalayan nation for the purposes of building its envisioned Tiger Palace Resort Jhapa.
However, all of these plans have now been shelved after the firm was recently forced to close its casino inside northern Vietnam’s Phoenix International Club in advance of discovering ‘accounting irregularities’ at the Tiger Palace Resort Bhairahawa that resulted in a loss of around $15,000.
External consultant:
Established in 2003, Silver Heritage used an official filing to reveal that it had recently engaged boutique investments firm Union Gaming to help it search for potential investors or find a buyer for its Tiger Palace Resort Bhairahawa concern.
The casino firm’s filing reportedly read…
“The company has undertaken a number of initiatives to release capital out of its asset base including the appointment of Union Gaming as its exclusive adviser in relation to locating potential strategic partners or purchasers of the company’s Nepal operations.”