VIP harms Tiger Palace Hold, owner agonizes over land sale

Silver Heritage Group Ltd said its flagship casino property Tiger Palace Resort Bairahawa (pictured), located on the border between Nepal and India, had “lower than usual holding” in November compared with a six-month average of 26%.

That was “due to VIP play,” the Australian-listed company said in November, which led casinos to achieve a “slow budget.”

After a “seasonally quiet October due to the Diwali holiday in India,” the group said the November drop in Tiger Palace was “expected to outpace the last six months’ average of $1.73 million (about $1.86 million).”

The group also noted that after the Chief Financial Officer was appointed to the rating, the company reviewed its business and “found significant opportunities for improvement in the marketing and commercial aspects of its operations.”

The company also said it was working on plans to “release capital from its asset base,” and would refer to several lands: one involving Tiger Palace, the other involving a second casino resort project elsewhere on Nepal’s Indian border.

Friday’s filing with the Australian Stock Exchange included “disposal of unused land in Byrawa (‘Tiger One’) and Jaffa (‘Tiger Two’) to provide additional capital buffers.”

At a millionaire club and casino in Kathmandu, another Nepalese property managed by Silver Heritage, the property was said to be “looking ahead of its budget year to date,” achieving a record one-month gaming gross (GGR) of around $670,000 in October. The company earns 100% of its GGR at the location.

In Vietnam, managed properties at Phoenix International Club in Bac Ninh fell below budget expectations, the company said.

“Recent substantial admission fees charged separately by resort owners, coupled with increased competition in the region, saw a GGR of approximately $1.5 million in October, compared to an average monthly rate of $2.49 million a year earlier.

“After consultation with resort owners, we are making a series of efforts to eliminate admission fees and induce the return of high value-added companies,” Silver Heritage said.

The company added that Phoenix International Club’s November earnings were showing “signs of recovery.” The company earns 43% of its GGR at the location, according to a recent filing.

BY: 바카라사이트

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