Silver Heritage Group said its board has agreed to halve its cash remuneration and take other initiatives to cut costs to help address expected tight liquidity in the second half as its new IR in Nepal ramps up.
The Australia-listed group said cash burn from the opening of the Tiger Palace Bhairahawa, together with underperformance from its mature properties — the Phoenix Club in Vietnam and The Millionaires Club in Kathmandu — led to a Q1 adjusted EBITDA loss of $1.9 million.
Although the first seven trading weeks of Q2 have been much stronger, the company said it expects tight liquidity in the second half.
“During the ramp-up phase of Tiger Palace, the board continues to assess all strategic and financial options to ensure adequate funding is available to maximize long-term value for shareholders,” CEO Mike Bolsover said in a address to investors, which was filed to the Australia Stock Exchange.
The company said Tiger Palace is now achieving steady growth in footfall, gaming and non-gaming revenue.
It is also in discussions with potential new partners in Nepal after a breakdown in relations with its original local partner led to a lawsuit.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
Star Entertainment Group has announced that, in accordance with directives from the New South Wales state government, tighter social distancing and other measures have been reinstituted at Star Sydney.
Crown Resorts opened the doors to its $2.2 billion ($1.66 billion) Crown Sydney property on Monday, but without the fanfare that accompanies the openings of such mega projects after a bruising year of suitability hearings and amidst a new cluster of Covid-19 cases in the city.
Studio City's gross gambling revenue in October and November was up about 146 percent compared with the third quarter and parent company Studio City Finance says it sees breakeven on an adjusted EBITDA level on reaching between 30 and 35 percent of historical GGR run rates.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.