Australia-listed Silver Heritage Group saw a significantly widened of loss in the first half of 2018, due mainly to costs associated with its Tiger Palace Resort commencing operations.
As a result, half-year loss amounted to US$9.9 million, up almost three fold from $3.5 million in losses recorded in 17H1. Property level EBITDA and group adjusted EBITDA was also impacted by start-up costs associated with Tiger Palace, said the group.
The commencement of operations, however, also saw the group’s half-year revenue increase 40.2 percent to $11.3 million.
The company also noted incremental revenue growth at its Phoenix International Club in Bac Ninh, Vietnam.
In its attached August 2018 trading update, SVH said it has recorded significant increases in revenue in the July/August period, with costs are flat to declining.
It also noted that Tiger Palace reached positive property level EBITDA in the month, with revenue gaining traction over the previous quarter.
Looking ahead, SVH said it is looking forward to the completion of a 24 km stretch of highway connecting India to Nepal’s major East-West Highway – located within a few hundred meters of the property in Bhairahawa.
The highway is due for completion in December 2018.