Reports claim 400 Tiger Palace workers let go as Silver Heritage creditors propose AU$530,000 cash injection
Workers of Tiger Palace Resort, the Nepal integrated resort owned by Australian-listed Silver Heritage Group, are claiming that the contracts of around 400 staff have been terminated due to the company’s ongoing financial woes. According to a report in the...
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Silver Heritage lender appoints receivers to assess value of group’s assets
Hong Kong-based hedge fund OCP Asia will provide funding to the Receivers and Managers of Silver Heritage Group, which entered voluntary administration earlier this week, as they undertake an urgent financial assessment of the casino group’s assets. Silver Heritage revealed...
Silver Heritage Group enters voluntary administration
Silver Heritage Group, the Australian-listed gaming investor operating two casinos in Nepal, has entered voluntary administration. The company announced on Monday that it had appointed KPMG as administrators following the global outbreak of COVID-19, which saw its Nepal casinos forced...
Silver Heritage cites rising fortunes before COVID-19 hit Nepal operations
ASX-listed Silver Heritage Group says it was tracking well ahead of 2019 revenue and EBITDA levels at its Nepal casinos before COVID-19 forced the closure of all operations. In a business update for the March 2020 quarter filed on Friday,...
Silver Heritage reveals temporary closure of Nepal casinos
Australian-listed Silver Heritage Group is the latest gaming company to be impacted by COVID-19 after announcing on Monday the temporary closure of its two Nepal casinos, Tiger Palace Resort Bhairahawa and The Millionaires Club and Casino Kathmandu. The closures follow...
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ASX gives Silver Heritage green light to obtain loan without shareholder vote
Australian-listed Silver Heritage Group says it has been given the green light by the Australian Securities Exchange to proceed with a short-term loan without seeking the approval of shareholders. The loan relates to a US$1 million provision from a group...
India’s Delta Corp to launch Kathmandu casino “soon” after receiving Nepal license
India’s largest gaming operator, Delta Corp, says it will commence operations of a casino at the Marriot Hotel in Kathmandu “soon” after being issued a Nepal casino license. The update, provided via a filing to the national Stock Exchange of...
Buyer search no longer exclusive as main Silver Heritage candidate misses second deposit deadline
Silver Heritage Group will recommence its search for a buyer of its Nepal assets after the original offeror missed a deposit deadline for the second time. The company revealed on Wednesday that local businessman Indra Bahadur Thapa, who made a...
