Profits offset by expenses
Casino operator and developer Silver Heritage Group. Ltd. has announced that its Nepalese subsidiary, Tiger One Pvt Ltd. has secured bank facilities of $5 million. The Australia-listed company says the additional financing will allow the company to prepay $2 million of the $20 million outstanding bonds issued to Silver Heritage Ltd. last August 2016 before the end of the month.
The boutique casino operator saw its loss for the six months to June 30 more than double year-on-year to $3.52 million, according to GGRAsia.
In a filing to the Australian Securities Exchange the company said the growth in operating profitability in Vietnam “was more than offset by an increase in costs following the group’s initial public offering in August 2016, together with additional interest and option expenses associated with increasing the group’s borrowings from US$10 million to US$20 million at the same time as the IPO.”
Silver Heritage operates gaming halls in Vietnam and Nepal and is now developing the Tiger Palace Resort Bhairahawa in Nepal; Phase I of the project is due to open in September, followed by the entire resort, “including main gaming floor and VIP gaming areas” in November.
