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Silver Heritage rings in New Year with Nepal casino opening

Australia’s Silver Heritage Group said its Tiger Palace resort in Nepal would host its first major event on New Year’s eve after receiving a license to operate a casino.

The company announced it had been granted the permit on Dec. 29th in a filing to the Australian Stock Exchange.

The hotel portion of the property, which will be the first large-scale integrated resort in the country, held a soft opening in September.

The A$70.3 million property in Bhairahawa opened with 100 five-star rooms, which will increase to 400 in later stages.

Silver Heritage is counting on demand from neighbouring India to fuel growth and has already bought land to build another IR along the border in eastern Nepal.

 

The Indian province of Uttar Pradesh, just across the border, has a population of more than 215 million, and a burgeoning middle class and Indians are able to travel freely to Nepal across a porous border. India is forecast to have the world’s largest middle class consumption of about $12.8 trillion annually by 2030, compared with $10 trillion in China.

More news from this jurisdiction

NepalWednesday, Jan 10, 2018

Tiger Palace Resort Bhairahawa, operated by Silver Heritage Group, says it expects to commence VIP gaming in the fourth quarter of 2018.

Australia, NepalTuesday, Oct 31, 2017

Australia-listed Silver Heritage Group says it has recorded gross profit if US$5.1 million for the nine months year-to-date, up 20 percent over the same period in FY16.

NepalWednesday, Oct 25, 2017

Delta Corp subsidiary The Deltin Group has signed a Memorandum of Understanding (MoU) with Everest Hospitality and Hotel Pvt Ltd to operate a casino at the Marriott hotel in Naxal, Kathmandu.

NepalWednesday, Sep 20, 2017

Silver Heritage Group’s Tiger Palace Bhairahawa is set for a soft opening by month’s end, with final works on the Nepal resort to be completed over the next ten days.

NepalTuesday, Aug 22, 2017

Australia-listed Silver Heritage Group has secured additional financing in Nepal to the tune of NPR 510 million (US$5 million).

NepalMonday, Jul 31, 2017

Australian-listed Silver Heritage Group says it has been successful in raising funds needed to complete its Tiger Palace Resort Bhairahawa in Nepal.

Nepal, AustraliaThursday, Jul 06, 2017

Silver Heritage Group has received government approval to raise the equity ceiling of its FDI-approved investing company, which it says will now give it the means to complete and open its resort in Nepal.