Delay due to “shortage of liquidity”
Silver Heritage Group Ltd., an Australia-listed gaming firm, has announced a “revision to the opening schedule” of its Tiger Palace Resort Bhairahawa, now under construction on Nepal’s border with India.
The casino resort was originally schedule to have a soft opening this month. The delay “is due principally to both a shortage of liquidity in the Nepal banking system and unanticipated delays in the issuance of approval for Silver Heritage to increase the equity ceiling of its corporate investment vehicle,” the operator said in a recent filing to the Australian Securities Exchange.
“This has resulted in a slowdown in on-site activity, which is currently ongoing,” Silver Heritage said. The company adding that its board of directors is “assessing the impact of the above delay on the project completion, including final project cost,” reported GGRAsia.
The resort casino will include a 2,471-square-meter (26,600-square-foot) gaming floor with 52 tables and 200 electronic gaming machines. Phase I of the property will have 100 luxury hotel rooms, two villas, a pool, gym and spa, conference facilities, plus restaurants and shops.
The original price tag for the initial construction was said to be US$40 million.
Silver Heritage now operates the Millionaire’s Club and Casino in Kathmandu and managed the Phoenix International Club near Hanoi, Vietnam. The firm began trading on the Australian Securities Exchange
