Silver Heritage Group said its Chairman James Spenceley and Non-Executive Director Michael Bassett have resigned from their positions to pursue other interests.
In a statement to the Australian Stock Exchange, Silver Heritage said it was currently appointing a new non-executive director to comply with its obligations.
Silver Heritage is the operator of the Tiger Palace Resort in Nepal and is in the process of trying to sell the property to raise capital. The company’s cash flow was hit when its license to operate tables at The Phoenix Club in Vietnam was withdrawn and it was forced to stop gaming operations there in March this year.
Discussions on the sale of Tiger Palace with a local businessman are on-going, though on a non-exclusive basis after the buyer failed to make a $3 million cash deposit by a Sept. 10th deadline.
Macau’s VIP gaming sector is undergoing a cash crunch as customers withdraw billions of dollars in deposits due to concern about Beijing’s crackdown on capital flows for gambling purposes, Reuters reports.
Online lottery company 500.com said a special investigative committee (SIC) established to probe its role into an alleged bribery scandal in Japan found that there had been no violation of the Foreign Corrupt Practices Act.