SVH posts strong revenue growth across properties

Silver Heritage Group, operator of the Tiger Palace Resort in Nepal posted strong revenue growth across its properties in 18Q2.

The company operates the Phoenix International Club in Vietnam, The Millionaire’s Club in  Kathmandu and Tiger Palace Resort in Nepal, the casino of which opened on December 28, 2017.

In a trading update released on Friday, SVH said non-gaming, gaming, visitation and occupancy KPIs have grown steadily at its Tiger Palace Resort since its opening in late December.

The property recorded a 73 percent increase in total revenue in 18Q2, due mainly to a 50 percent increase in gaming revenue (A$1.4 million) and a 145 percent increase in non-gaming revenue (A$548,000).

The resort also registered over 17,300 patrons in the six months of June 30, with strong recurring visitors with total footfall of 45,100 since opening.

SVH said the property is now approaching breakeven property level positive cash flow.

Its other Nepal casino, The Millionaire’s Club and Casino, also saw similarly strong GGR growth, up 38 percent year-on-year to A$1.5 million.

The Phoenix Club recorded revenue growth of 44 percent year-on-year to A$8.5 million.