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Silver Heritage outlines Nepal expansion opportunities

Thursday, 01 February 2018 08:10
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Silver Heritage CEO Mike Bolsover says that the company is well positioned to initiate significant expansion plans around its recently opened Nepal integrated resort Tiger Palace should the demand arise, with two separate areas of land set aside for future growth.

In an exclusive interview published in the February edition of Inside Asian Gaming, Bolsover revealed that the company has already developed detailed plans for two more hotels on the site of Tiger Palace Resort Bhairahawa, while a second site nearby has been purchased with an eye to building “Tiger Palace 2.”

“We have plans to cater to the demand as it grows and can react quickly and efficiently,” he said. “We currently have 10 hectares which are 100% owned by Silver Heritage via its 100% owned subsidiary and have built on just over half, leaving approximately five hectares on which to expand.

“We also have a partner who owns land to the north-east and the south, contiguous with Tiger Palace Resort, upon which we could expand. We have construction drawings for two more hotels of 100 rooms and 200 rooms respectively, so we are very well prepared for the next phase of room expansion. The casino which has opened with 44 tables and 216 EGMs has room for expansion in table games within the already-built gaming floor area too.”

Asked about Tiger Palace 2, mentioned previously in passing in recent filings with the Australian Securities Exchange, Bolsover said, “We have paid a US$3 million deposit on land in the eastern region where we had previously had experience managing some gaming machines, in a place called Jhapa/Kakkarbitta adjacent to the Indian border.

“The nearest Indian city is Siliguri, a metropolitan area of over two million people, just 20 minutes by car. This city has great domestic Indian airlift and an international airport. The entire land bank is approximately 50% larger than Tiger Palace Resort Bhairahawa.”

Silver Heritage announced on Tuesday unaudited sales revenue of US$5.44 million for the three months to 31 December 2017, the company’s best quarterly result since its August 2016 initial public offering. Tiger Tiger Palace Resort Bhairahawa will hold its official grand opening on 16 March 2018.

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