Nepal

Australia-listed Silver Heritage Group said talks are continuing with potential investors to raise funding to finalize its integrated resort project in Nepal.

Nepal’s economy is forecast to grow at the fastest pace in 20 years in 2017, with tourism arrivals also recovering, helping to attract foreign investment into its casino sector.

Nepal’s economy is forecast to grow at the fastest pace in 20 years in 2017, with tourism arrivals also recovering, helping to attract foreign investment into its casino sector. Foreign investors are now moving back into the country and the casino sector. During the Nepal Investment Summit  in March a total of $13.7 billion was pledged in foreign direct investment, with the bulk from China. About $10 million was earmarked for tourism and casinos are reopening.

 



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Australia-listed Silver Heritage Group has increased the budget for its integrated resort in Nepal by A$18 million ($13.8 million) to $70.3 million and said it’s in the process of raising more capital.

Australia-listed Silver Heritage Group has appointed a new team to manage the development of its delayed integrated resort project in Nepal.

Silver Heritage Group Ltd. posted a widened net loss of US$4.6 million for the 2016 financial year, according to the company’s filing to the Australian Stock Exchange.

ASX-listed Silver Heritage Group Ltd. has been granted a temporary trading suspension of its stocks from February 27, 2017.

Silver Heritage Group says the opening of its Tiger Palace Resort Bhairahawa in Nepal will be pushed back as a result of “temporary unexpected delays”.

Casinos are reopening their doors under a new regulatory regime designed to bring the industry in line with international standards and attract greater foreign investment. 

Australia-listed Silver Heritage Group has advised the market that it may likely fall short of its 2016 total revenue and adjusted EBITDA forecasts that were previously noted in its IPO prospectus.

Tiger Palace Resort, Bhairahawa, a beautiful casino resort being constructed in Nepal on the border with India, is due to have its soft opening in February 2017.

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