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.
Silver Heritage runs The Millionaire’s Club and Casino in Kathmandu and Nepal’s first IR, the Tiger Palace Resort in Bhairahawa.
It hired Union Gaming earlier this year to help it find a buyer or strategic partner in the venture.