Trading suspended indefinitely
Asian casino group Silver Heritage Group Ltd. took a US$4.58 million loss in net profits for 2016, slightly up from the US$4.24 million net loss it posted in 2015.
According to the company, it actually expected a higher annual loss of US$5.32 million, 14 percent higher than the actual figure, reported GGRAsia. It attributed the difference to “less expenses being incurred in setting up the operations of Tiger Palace Resort Bhairahawa in financial year 2016 than were anticipated at the time the prospectus was prepared.”
The casino resort in question is being developed by the company on Nepal’s border with India. “Some of the costs associated with setting up operations, including staff training costs and marketing, were deferred until early financial year 2017,” said Silver Heritage in a filing to the Australian Securities Exchange on March 1.
For full-year 2016, the group posted gross gaming revenues of US$32.13 million, down 29 percent from 2015. Total group revenue was US$16.91 million, a year-on-year decline of 2 percent. Adjusted EBITDA was US$3.36 million, up 11 percent from the previous year.
On March 6, Silver Heritage disclosed that it was granted an immediate suspension of its stock trading due to “unexpected delays” in the completion of Tiger Palace Resort Bhairahawa.
It also reported “good momentum” in the early months of 2017. GGR at the Phoenix International Club near Hanoi in Vietnam was up 20 percent year-on-year, though the numbers were down 5 percent at the Millionaire’s Club and Casino in Kathmandu, Nepal.
