March 16 Grand Casino Opening in Nepal Announced by Silver Heritage

A casino resort was recently opened near the Nepal border and the promotor has made an announcement that the venue would have a massive celebratory opening on 16th March 2018. The resort borders the Uttar Pradesh state of India.

The Silver Heritage Group also announced on Wednesday that the resort, named ‘Tiger Palace Resort Bhairahawa’ hosted its first key event on January 26th, which was also the Republic Day of India. The casino was visited by more than 600 patrons and approximately 120 guests stayed at the property that night. The management reported that it was surprised to see the participation and that it had definitely crossed its expectations. The casino welcomed almost 50% more customers than the event held on New Year’s Eve, reported an Australian Securities Exchange filing.

It was on December 28, 2017, that the Tiger Palace Resort kick-started its casino operations. This was after it received its official gaming license on December 27. At that time, the casino resort had 216 digital gaming machines and a little over 40 gaming tables, according to a statement filed by Silver Heritage. The group also hosted a soft launch of the hotel facilities on 20th September. The hotel currently offers 100 rooms to its customers.

In a filing on Wednesday, the Silver Heritage Group also disclosed a few financial points for the 2017 fourth quarter. The report suggested that the firm had managed to generate a gross sales revenue (unaudited) amounting to US$5.44 million. The revenue recorded for the same quarter in 2016 was US$4.76 million. The company said that this was the highest quarterly sales earnings reported by the firm since its August 2016 IPO.

The firm announced that it was planning to reveal its preliminary 2017 reviewed financial results before February 28. Other properties operated by the company include the Kathmandu-based Millionaire’s Club and Casino and the Hanoi-based Phoenix International Club (Vietnam).

A business update was given by Silver Heritage in September 2017. In this update, the company hinted that another site had been identified in Nepal and that it could be a potential location for a new casino resort after the Tiger Palace was launched.

According to this update, the new site will be further ahead, somewhere closer to the border with Sikkim and Bihar. This means that it would be a short distance away from the India-Bangladesh border.