Inside Asian Gaming

INSIDE ASIAN GAMING FEBRUARY 2018 26 airport and the plan is for the airport to take 30% of all international air traffic. We liken the situation here with its nearby Lumbini, the birthplace of Buddha, to that of Siem Reap in Cambodia with its nearby Angkor Wat, which has been a tremendous success as Cambodia’s second airport and main tourism destination. BB: What are the terms of the casino license and are there exclusivity clauses around it? MB: The licence is perpetual with annual renewal each July, in line with the Nepal tax year. We won the first license for the casino at the Shangri-La Hotel in February 2015 and have successfully renewed it three times, so we are very familiar with the process. BB: Are there future expansion plans for Tiger Palace? MB: For sure, we have plans to cater to the demand as it grows and can react quickly and efficiently. We currently have 10 hectares which are 100% owned by Silver Heritage via its 100% owned subsidiary and have built on just over half, leaving approximately five hectares on which to expand. We also have a partner who owns land to the north-east and the south, contiguous with Tiger Palace Resort, upon which we could expand. We have construction drawings for two more hotels of 100 rooms and 200 rooms respectively, so we are very well prepared for the next phase of room expansion. The casino which has opened with 44 tables and 216 EGMs has room for expansion in table games within the already-built gaming floor area too. BB: I note that recent updates on the ASX refer to a site for a possible Tiger Palace 2. Can you provide some details on this? MB: We have paid a US$3 million deposit on land in the eastern region where we had previously had experience managing some gaming machines, in a place called Jhapa/Kakkarbitta adjacent to the Indian border. The nearest Indian city is Siliguri, a metropolitan FEATURE IN FOCUS The pool and VIP villas at Tiger Palace A Superior Room at Tiger Palace area of over two million people, just 20 minutes by car. This city has great domestic Indian airlift and an international airport. The entire land bank is approximately 50% larger than Tiger Palace Resort Bhairahawa. BB: You also have interests in Kathmandu and Vietnam, but how important is Tiger Palace to Silver Heritage and the overall bottom line? Is Silver Heritage interested in participating in a Vietnamese IR in the future or other Vietnamese expansion opportunities? MB: Vietnam and Kathmandu are great assets though most of our future growth is driven by the Tiger Palace proposition. We have been operating in Vietnam for over seven years and know the market extraordinarily well. We have a great partner in Phoenix International and we have also presented credentials and concept plans for a partnership with the owners of Laguna Lăng Cô in the past. No decision has been made yet.