Australian-listed Silver Heritage Group Ltd has revealed that operations at Vietnam casino Phoenix International Club have shut down after the property’s General Manager advised that table games were no longer permitted under a revised Investment Certificate.
In a filing to the Australian Securities Exchange (ASX) on Friday, Silver Heritage said it had received notice last week that table games were no longer permitted to be operated at Phoenix and that the casino would close for an indefinite period as of 6am Friday morning.
Phoenix accounted for around 45% of the company’s group-wide revenue in FY18.
In response, Silver Heritage said it was “conducting a review of the legal basis on which the notice was issued, the company’s rights and obligations under the Entertainment Services Agreement between the company and the owner of Phoenix, and the impact of the notice on the company.”
Completing a bad week for the company, Silver Heritage was also informed by the ASX on Friday that it had been suspended from official quotations from Friday for failing to lodge a periodic report by the due date. That report related to internally discovered accounting irregularities at the company’s Nepal IR, Tiger Palace Resort Bhairahawa, to the tune of US$15,000.
Silver Heritage said it was unable to lodge its Preliminary Final Report for 2018 while it undertook a full review of Nepal accounting operations.