- Construction of casino on Nepal/India border is almost complete, and it’s set to open in November
- The estimated total cost has risen by almost $12 million during the project
On Monday, it was reported that Silver Heritage Group Ltd – a gaming operation group based in Hong Kong – announced that a further $5 million had been secured for Tiger One Pvt Ltd, its Nepalese subsidiary.
This monetary addition has taken the opening of the group’s Nepal-based Tiger Palace Resort Bhairahawa forward another few steps, which has experienced previous delays in construction.
This is the second time in 2017 that the body has had to top up its project coffers.
In conversation with the Australian Securities Exchange, Silver Heritage Group Ltd said that the recent financial gain would mean that $2.0 million of the issued bonds worth $20 million could be prepaid.
About the casino
The Tiger Palace Resort Bhairahawa is located around 12 kilometers (or roughly 7.5 miles) from the border separating Nepal from India. For this reason, the casino resort is expected to attract custom from both countries, including many cities in the Indian state of Uttar Prasesh, where there are currently no casinos.
This is Silver Heritage Group Ltd’s first high-end casino resort in southern Nepal, despite the fact that it has a lot of operating experience in Vietnam. Its casinos there include the Phoenix International Club (near Hanoi) and The Millionaire’s Club in Kathmandu’s Shangri La Hotel & Resort.
And due to the Tiger Palace Resort Bhairahawa’s first-of-its-kind nature, it is set to offer custom to a currently underserved region in terms of the gambling sector.
It was over a year ago that Silver Heritage Group Ltd announced that it was to be listed on the Australian Securities Exchange, with a view to the casino opening in February 2017.
But then, upon the announcement that the opening would be delayed due to financial concerns, a “temporary and immediate suspension” of the company’s stocks trading was requested (and duly granted).
Then, Silver Heritage Group Ltd stated that the resort would be rolled out in two phases – broken down into the residential and hospitality areas opening first, followed by the actual casino some months later – with the entire resort open
by November 2017.
The casino itself will cover 20,000 square feet, and the onsite five-star hotel will boast 100 rooms. This, together with two villas, are projected to cost Silver Heritage Group Ltd over $51 million in total.
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