Silver Heritage appoints new leadership team for Nepal project

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

In a filing with the Australian Stock Exchange, the company said Hugh Holmes, executive director of special projects has resigned from the board effective March 9 and ceased to be involved in the Tiger Palace Resort Bhairahawa.

Responsibility for the completion of the project will now fall to a special team, led by Adam Titus.

Titus has had more than 30 years of experience opening more than 10 gaming and leisure developments across Asia and globally. Most recently he has been involved with MGM Macau and the Okada Manila.

“Adam’s project management experience in opening mixed use developments and integrated resorts will be critical in ensuring that Silver Heritage delivers a world class product in Nepal aimed at satisfying the strong consumption demands of the rapidly growing Indian middle class,” Silver Heritage CEO Mike Bolsover said.

The company last month said the resort had been delayed and requested a temporary suspension from trading from Feb. 27th while it assessed the impact and was able to calculate a new completion date and project cost. It said it expected to take two to three weeks to complete the assessment.

The resort is situated about 15 minutes from the Gautam Buddha airport in Bhairahawa, which is being upgraded to international standards. The upgrade is expected to be completed by June 2018.

As Nepal’s second international airport, the Gautam Buddha Airport is expected to serve 760,000 passengers after the completion of the first phase. By the second phase, it will expect to handle up to 2 million passengers.