Inside Asian Gaming

INSIDE ASIAN GAMING JUNE 2018 14 AUSTRALIAN-LISTED SILVER Heritage Group says it expects its Nepal integrated resort, Tiger Palace Resort Bhairahawa, to break even by 3Q18. But it will need to do so alongside a new local partner, with the company admitting that its relationship with its current partner has “run its course.” The news formed part of an investor presentation at the company’s annual general meeting, which included the latest performance updates from Tiger Palace Resort. In particular, Silver Heritage outlined a “challenging” operating environment over the past 12 months, with interim Chairman Matthew Hunter revealing that the board had agreed to halve its cash remunerations this year as part of “a range of cost reduction initiatives across the business.” Nevertheless, the company said that Tiger Palace had broken even in April and expected to achieve monthly breakeven during 3Q18. In the meantime, Hunter said that finding a new local partner was among Silver Heritage Group’s key priorities. “It is clear that the relationship with our local partner in Nepal has run its course,” SILVER HERITAGE EXPECTING TIGER PALACE TO BREAK EVEN IN 3Q18 Wynn Resorts has revealed its intention to create an entire entertainment district rather than a single IR structure should it be granted a Japan casino license, describing a “critical mass of attractions” during a presentation to the 2018 Japan Gaming Congress. Delivering the company’s “operator vision” at JgC, President of Wynn Development Chris Gordon said that Wynn Resorts was targeting a major city site Wynn Resorts IR to become a “new Japanese district” where it could develop a series of iconic structures and open public spaces. “What we envision is not one big building; it should be an entertainment district different to anything we’ve done before,” he said. “It would incorporate multiple buildings, multiple hotels and a space to wander around in the open. “Wynn Resorts envisions creating a new Japanese district just as there are other city districts, with both large- and medium-sized buildings.” Gordon said that Wynn’s IR plan included a large iconic theater to attract world-class entertainment acts as well as a smaller theater and nightclubs to provide people with options after a meal. A large open public space with a Japanese theme as well as a series of large capacity hotels would also be key to the resort. he said. “Several high quality parties have expressed interest in partnering with us in Nepal. The company is actively engaged in discussions in this regard and will update the market as and when further progress has been made on this.” The company’s current Nepal partner, Rajendra Bajgain, was recently granted a stay of termination by a Nepal court after Silver Heritage terminated his agreement in February. Bajgain had publicly accused the company of failing to acquire necessary work permits for some senior staff at Tiger Palace Resort Bhairahawa.