Australian-listed casino operator Silver Heritage Group has reported what it described as the firm’s “strongest operating quarter” since its initial public offering in 2016.
In a disclosure to the Australian Stock Exchange, Silver Heritage reported that its July to August 2017 revenues jumped 16.4 percent to US$4.8 million versus the previous quarter.
Silver Heritage operates the Millionaire’s Club and Casino in Kathmandu, Nepal’s capital, and the Phoenix International Club near Hanoi, Vietnam.
Last month, Silver Heritage finally rolled out the red carpet at its Tiger Palace Resort Bhairahawa in Nepal via a soft opening of the property’s hotel operations. Tiger Palace’s original cost was estimated at $40 million but construction delays pushed the price tag to $51.8 million.
But in its latest filing, Silver Heritage insisted that “[Tiger Palace] remains on budget [for completion] at less than the revised budget amount of $51.8 million, and for the casino to open by November 30.”
The Australian casino operator said its adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) grew to $956,000 during the July to September 2017 period compared with the $533,000 in the previous quarter.
For the past nine months, Silver Heritage reported total sales revenue of $12.82 million, adjusted EBITDA of $2.14 million and a gross profit of $5.1 million, the latter almost an increase of 20 percent in year-on-year terms.
Meanwhile, Silver Heritage dropped hints for a potential second new resort in Nepal.
It said that the second new resort will be close to Nepal’s border with the Indian states of Bihar and Sikkim, and a relatively short distance from India’s contiguous border with Bangladesh.
