Tiger Palace going strong
Australia-listed casino company Silver Heritage Group has recorded its strongest quarter in two years. For the three month period that ended on June 30, the company realized gross gaming revenues of US$11.39 million, an increase of 39 percent, according to Inside Asian Gaming.
All three Silver Heritage casinos contributed to the growth, but the Phoenix International Club in Vietnam topped the list with GGR of US$8.52 million, up 33 percent from the US$6.43 million it generated in the first quarter.
The Millionaire’s Club & Casino in Kathmandu, Nepal, posted a 35 percent year-on-year increase in GGR to US$1.52 million and an 80 percent increase quarter-on-quarter.
The company’s US$52 million Tiger Palace Resort, which opened in Nepal last year, also saw record-breaking revenues for Q2, with GGR up 47 percent sequentially to US$1.34 million and total revenue up 73 percent to US$1.77 million. IAG reported that June was “particularly strong” for Tiger Palace, with almost 14,000 visitors and record table drop of US$2.23 million.
Silver Heritage said Tiger Palace is now approaching break-even cash flow in its fourth full month of operations. The property held a soft opening of its hotel facilities last September 2017. The casino opened in December and the official grand opening took place in March.
