Silver Heritage says it has reached a settlement with its Nepali partner, who has sold his stake in a unit of the company to a new investor.
Silver Heritage and businessman Rajendra Bajgain have mutually agreed that their vision and objective in developing Nepal’s first IR has now been met and the partnership between the two has reached its natural conclusion, the company said in a filing with the Australian Stock Exchange.
Bajgain and his brother, Nabaraj Bajgain, have sold their stake in the unit that runs Silver Heritage’s Nepal operations to Tiger Kathmandu Investment, a hotel and general construction company.
Tiger now holds 10 percent of SHL Management Services and Silver Heritage the remaining 90 percent. The transaction has been approved by the Department of Industry.
Silver Heritage owns The Millionaire’s Club & Casino in Kathmandu and in March held the grand opening for the country’s first IR, the Tiger Palace Resort. The company is counting on strong demand from clients in neighbouring India to drive revenue.
The relationship with its Nepali partner soured earlier this year when Bajgain accused the company of illegally hiring foreign workers at the resort.
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.
Covid-19 forced the rapid and unexpected closure of venues across Australia, changing the operating environment with unprecedented speed and leaving managers scrambling to adapt...
Mohegan Gaming & Entertainment has announced its operating results for its fourth fiscal quarter ended September 30, 2020. Net revenues were US$294 million, a 29 percent decrease; income from operations was US$50.2 million, a 220 percent increase; and adjusted EBITDA was US$82.8 million, a 7.4 percent decrease.
Bangkok police arrested 94 people during a raid to stop illegal gambling in a casino that was operated by 27 people, 13 of whom were foreign nationals. Senior police face inquiry on allegations of negligence.
Russia’s parliament has passed a new bill redistributing control over the online betting market, creating a unified gambling regulator to track bets and allocations to sporting leagues and significantly increasing costs to the industry.
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.
Before the Covid-19 crisis, tourism in the Greater Mekong Sub-Region was at a record high, on track to welcome 80 million visitors in 2019, generating some $90 billion in revenue.
