Scientific Game

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

Thursday, 01 March 2018 04:22
Visit us

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.

What's new

VIDEO: Week in Review

VIDEO: Week in Review Inside Asian Gaming takes a look back at the biggest stories of the past week. Friday, 22 June 2018 07:06

Melco hosts workshop on Occupational Safety and Health Management for SMEs

Melco hosts workshop on Occupational Safety and Health Management for SMEs Melco Resorts & Entertainment Limited has conducted a workshop in which it shared with local SMEs the latest trends in Occupational Safety & Health Management Certification and Melco’s experience and expertise in the matter. The workshop attracted SME representatives from various industr... Friday, 22 June 2018 06:55

SJM grants Ina Chan 3 million ordinary shares

SJM grants Ina Chan 3 million ordinary shares Ina Chan, a newly appointed executive director at SJM Holdings and third wife of former Chairman Stanley Ho, has been granted share options totaling 3 million ordinary shares, the company has announced. The shares have an exercise price of HK$10.26 per share. Dr Chan was voted to the board at SJM... Friday, 22 June 2018 06:51

Korea’s foreigner-only casino turnover down 5.4% in 2017

Korea’s foreigner-only casino turnover down 5.4% in 2017 Korea’s foreigner-only casinos saw turnover fall 5.4% to KRW1.2 trillion (US$1.1 billion) in 2017 according to figures released this week by the National Gambling Control Commission (NGCC). The fall in casino gaming activity was linked to a similar 6.2% decline in casino visitation to 2.2 million... Friday, 22 June 2018 06:35

Current Issue

Tribal Ambition

Tribal Ambition By Muhammad Cohen and Ben Blaschke   Mohegan Gaming and Entertainment CEO Mario Kontomerkos believes the Native American casino operator has two aces in the hole for Japan, especially when it comes to the so-called regional markets beyond major areas. In his presentation at last month’s Japan ... Monday, 04 June 2018 20:55

Social Gathering

Social Gathering By Shaun McCamley   Social casino gaming is booming. In 2017, the global social gaming industry generated a whopping US$106 billion in revenues, with the social casino segment generating US$4.5 billion in revenues. Not surprisingly China, Japan and Korea generated 90% of the games revenue in the... Monday, 04 June 2018 20:44

Redefining Tourism

Redefining Tourism By Muhammad Cohen   In an era when tourism constitutes a growing portion of the global economy, integrated resorts present a potent although frequently misunderstood means for growing visitor arrivals and revenue. It’s not simply the casino but their range of attractions that make IRs such powe... Monday, 04 June 2018 20:37

Japan IR Timeline

Japan IR Timeline By Ben Blaschke   What year for Japan’s first IR? It’s a question that continues to divide industry stakeholders, the answer further clouded by the substantial disparity in opinion offered at last month’s Japan Gaming Congress (JgC) in Tokyo. At the nearer end of the scale, members of the... Monday, 04 June 2018 20:27