Silver Heritage Group has announced that the buyer of its Nepal operations has missed its September 10 deadline to pay a deposit of $3 million, due to circumstances outside of both parties.
In July, Silver Heritage announced it had received a conditional binding offer from a Nepali businessman to buy its operations in Nepal for $33.9 million.
However, the deadline for the deposit was missed on August 15, with Silver Heritage agreeing to extend the deadline to September 10 later in the month.
In its most recent filing, Silver Heritage said while the deadline has now passed, the company will continue to work with the buyer on a non-exclusive basis while also exploring alternative strategic funding opportunities.
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.
Galaxy Entertainment Group told Macau News Agency that recent wage dispute involving workers employed at its Cotai expansion projects, originated from fee disputes between the workers and mainland employment agencies.
MGM Resorts has thrown its cards into the online gaming ring, with an attempt to buy U.K.-listed Entertain for GBP11.3 billion ($15.4 billion), which may reshape the group and reduce its focus on Asia in the longer term.
MGM Resorts has announced that Jonathan Halkyard will become Chief Financial Officer for the global gaming, hospitality, and entertainment organization. Halkyard is a senior corporate executive who spent 13 years in leadership roles at Caesars Entertainment and was more recently the President and Chief Executive Officer of Extended Stay America, Inc. and ESH Hospitality.
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.