The CEO of Nepal casino operator SHL Management Pvt Ltd says the company is currently seeking government clarity over reports it owes Rs 130 million (US$1.1 million) in unpaid taxes but has denied suggestions it has been illegally operating its casinos without permission.
According to local media reports, Mike Bolsover was barred from boarding a scheduled flight out of the country on Sunday due to the company failing to pay its taxes on casino operations at its two Nepal casinos – Tiger Palace Resort Bhairahawa and The Millionaire’s Club & Casino in Kathmandu.
Speaking with Inside Asian Gaming on Monday, Bolsover denied he was barred from leaving the country and expected to board another flight Monday night but said SHL Management Pvt Ltd was currently seeking clarity over any royalties owed due to the absence of any specific casino law.
He also denied that either casino had been operational at any time since the start of the COVID-19 pandemic.
“We have not, contrary to the reports, operated any casino this year, nor last year in fact, since we were forced-closed as all other casinos in Nepal were, in March 2020 as a result of the COVID pandemic,” he told IAG.
It is reported that the government has collected around Rs 400 million (US$3.4 million) in taxes from eight casinos since granting permission for the industry to resume in October 2021. The hotel at Tiger Palace re-opened last March.
The casino operator, previously under the purview of Australian-listed Silver Heritage Group, has been exploring options around the future of its Nepal assets ever since the listed firm went into voluntary administration in mid-2020. Silver Heritage was later acquired by HatchAsia Inc – a subsidiary of Philippines technology firm DFNN Inc – before being delisted last year.
Silver Heritage has faced a series of hurdles over the years, including lengthy delays to the launch of Tiger Palace in December 2017 which blew the budget out by around US$12 million.
The company then suffered a crippling blow in March 2019 when casino operations at Phoenix International Club in Vietnam, where Silver Heritage provided gaming management services, were shut down due to amendments to the property’s Investment Certificate which no longer allowed for the operation of gaming tables.
Phoenix had accounted for around 45% of the company’s group-wide revenue in 2018.
