After fully opening its Tiger Palace Resort Bhairahawa venue in January, Silver Heritage Group Limited has now announced a deal that has seen it secure an 18.4-acre parcel of land for the purposes of building another boutique casino in Nepal.
New venue to focus on Indian clientele:
According to a Monday report from GGRAsia citing an earlier filing from Silver Heritage Group Limited (pdf), the new development is due to be called Tiger Palace Resort Jhapa and will be located in the extreme southeast corner of the Himalayan nation near its border with India.
Sydney-listed Silver Heritage Group Limited detailed that it paid approximately $3.2 million for the land in the agriculturally fertile Jhapa District, which is located around 350 miles from its Tiger Palace Resort Bhairahawa property, with this consideration including two earlier payments that totaled just over $2.8 million.
The casino firm further explained that the new parcel ‘is similar in size to that currently in use at Tiger Palace Resort Bhairahawa’ but that the final deal saw it offload around 20% of the plot to a ‘local partner’ known as Sanchit Shrestha in order to generate ‘the required capital to compete the purchase’ while additionally ‘reducing its outstanding supplier payables.’
Silver Heritage Group Limited’s statement read…
“As a result, the acquisition of the land required no additional funds from Silver Heritage [Group Limited] and has reduced its outstanding liabilities by more than $536,000. The company has recently had the land valued by an international commercial real estate group at $4.1 million.”
Pair of Nepalese casinos:
Established in 2003, Silver Heritage Group Limited spent approximately $52 million to build its Tiger Palace Resort Bhairahawa, which sits only around seven miles from Nepal’s border with India. This venue features 100 hotel rooms along with a 26,597 sq ft casino complete with some 216 slots alongside 44 gaming tables designed to appeal primarily to guests from the nearby Indian state of Uttar Pradesh.
Company conducting resolution program:
James Spenceley, Non-Executive Chairman for Silver Heritage Group Limited, used the filing to proclaim that his firm had recently initiated ‘a formal program’ designed to ‘resolve all historical and outstanding issues within the business.’ He stated that this process will leave the company free to fully focus on successfully marketing Tiger Palace Resort Bhairahawa to an increasingly affluent Indian population.
Spenceley’s statement read…
“The completion of the land and reduction in debt, while a fantastic result, by no means takes away any focus of the company from the ramp up of existing operations at Tiger Palace Resort Bhairahawa.”