KATHMANDU: Australian-listed operator of Asian casinos Silver Heritage Group has said its search for partners in its operations in Nepal, or outright buyers of its business there, has elicited some inquiries.
Silver Heritage told the Australian Securities Exchange on Thursday: “The company has received a number of approaches in relation to this process and will update the market further when and if appropriate.”
Silver Heritage announced its search for partners or buyers early in May.
The company runs Tiger Palace Resort Bhairahawa casino resort on the Indo-Nepalese border and a casino in a hotel in Kathmandu.
At least four leading Nepali companies had approached Silver Heritage regarding its local operations. Among the companies were financial services firm Chaudhary Group, remittance company IME Group and conglomerate Vishal Group Ltd.
“The company’s operations in Nepal continue to perform well in 2019, with year-to-date results well ahead of the prior year’s performance,” Silver Heritage said in its announcement to the exchange.
The 100-room property, which is the first integrated five-star casino resort in South Asia, was developed by the Australian-listed Silver Heritage Group. In the second phase, Silver Heritage plans to offer 400 guest rooms. It was awarded a five-star rating by the Department of Tourism in November 2017.
Tiger Palace is spread over 15 bighas and features two villas, a gym, spa, swimming pool, restaurants and meeting and banquet facilities suitable for weddings. The resort has a 2,471 square-metre casino floor.
The sources said that the company’s share price plunged to the all-time low in Australia and it failed to generate funds which prompted the company to sell its Nepal’s property.