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Silver Heritage targets Indian wedding market as Tiger Palace ramp-up continues

Thursday, 01 March 2018 04:22
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Silver Heritage Group says it will be heavily targeting the US$40 billion Indian wedding market at recently opened Tiger Palace Resort after its first hosted wedding event last week contributed to a record number of guests at the Nepal integrated resort.

The news formed part of Silver Heritage’s 2017 financial overview, with gross gaming revenue for the full year climbing slightly to US$32.4 million due primarily to a 60% increase in GGR at Phoenix International Club, near Hanoi in Vietnam, to US$27.2 million. Total revenue after taxes and commissions grew 8% to US$18.3 million.

The group reported total losses for the year after tax of US$14.4 million due primarily to construction costs at Tiger Palace, IPO expenses and one-off non-cash impairments. Tiger Palace began hotel operations in September and opened its casino on 28 December 2017.

In its 2017 earning announcement, Silver Heritage said Tiger Palace had contributed revenue of US$117,000 in its first three months of ramp-up – a segment loss of US$560,000 after costs – but that it had since seen visitation increase significantly.

“The ramp-up of the property has continued into 2018 and on Saturday 24 February 2018, Tiger Palace hosted 913 guests, including its first wedding event and the 25th wedding anniversary of a local Nepali businessman,” the company said.

“The Indian wedding market is worth an estimated US$40 billion annually and in addition to the MICE sector will form a significant part of the non-gaming offering at Tiger Palace.”

In Vietnam, profit grew 71% year-on-year to US$6.8 million thanks to increased table drop and higher hold in both VIP and mass market. Visitor numbers reached 172,000, up 18% from 146,000 in 2016, with total table drop rising 29% to US$88.2 million.

GGR at The Millionaire’s Club & Casino Kathmandu fell 7% to US$5.56 million due to increased competition, with one new casino having opened nearby in 2017 and another scheduled to launch in 2018.

Silver Heritage also announced that it will now hold two launches in the coming months – a Players Grand Opening on Friday and Saturday the 16 and 17 March, and a Resort Opening on Saturday 14 April.

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