Focusing on border casinos near India
Silver Heritage Group Ltd., which operates casinos and slot parlors in Southeast Asia, started listing on the Australian Securities Exchange August 29 in the aftermath of an AUD25 million (US$18.8 million) initial public offering.
According to GGRAsia, the company offered 62.5 million ordinary shares at AUD.40 per share. “On listing, the indicative market capitalization of the company post-listing is approximately AUD80 million,” the company said in a release prior to the listing.
Silver Heritage operates casinos in Nepal and Vietnam and leases electronic gaming machines to gaming halls in Laos and Cambodia. It plans to use funds from the IPO to complete it Tiger Palace Resort Bhairahawa, an integrated resort in Nepal close to the border of India. The property, which will open in early 2017, “will be a welcome alternative entertainment and leisure destination for an expanding demographic of Indian tourists,” said the company in a statement. “Over 430 million Indians live within a day’s drive of the Nepal border and entry to and exit from Nepal is visa-free for Indian nationals.”
Silver Heritage added that its primary focus is on the development of casino resorts in the same area along the India-Nepal border. “There is strong demand from the emerging Indian middle class residents in the Indian states bordering Nepal who currently have restricted access to gaming facilities.” Only three states in India currently allow gaming: Goa, Sikkim and Daman.
