Silver Heritage 2019 loss jumps to Tiger Palace disorder

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Boutique Asia casino operator Silver Heritage Group said its full-year net loss attributable to shareholders rose 215.4% from the previous year, mainly due to impairment costs related to the group's operations in Nepal.

The company posted a loss of $35.1 million in the 12 months to December 31, 2019, compared with $11.1 million a year earlier, the company said in a filing with the Australian Stock Exchange on Tuesday.

Silver Heritage owns and operates Tiger Palace Resort Bairahawa, a casino property on the border between Nepal and India. The group also runs games at Millionaire's Club and Casino in Nepal's capital, Kathmandu.

The group said the annual loss included nearly US$22.5 million in damage costs to the group's Tiger Palace complex.

Overall group revenue in 2019 was $15.8 million, down 33.7% year-over-year. Game revenue during the period was $12.7 million, up 15.3% from 2018.

Tiger Palace contributed nearly $6 million to group gaming revenue in 2019, up 5.6% year-over-year, according to a preliminary summary of results filed Tuesday.

The company said last week it had "closed two casinos in Nepal until further notice" as part of efforts to curb the further spread of the COVID-19 virus in Nepal.

The group's revenue results did not include information on casino management at Phoenix International Club near Hanoi, Vietnam, the group's core game revenue generator. The group suspended management of the venue in early March 2019 after the complex's general manager said local authorities no longer allowed table games there.

Silver Heritage previously said it had agreed to receive compensation of $5.25 million on two separate occasions from a former partner in its Vietnamese business. In a separate filing on Tuesday, Silver Heritage said it still had to pay compensation of nearly $1.5 million. "The group has damaged this bond for reporting purposes but continues to track down Phoenix's owner for the remaining amount," the Australian-listed company added.

The company said it was continuing to explore financing options after a deal to sell its Nepal operations fell through "the buyer was unable to comply with all the terms of the offer."

Silver Heritage said in January it had secured loans worth $1 million from multiple bondholders. The money, offered under several conditions, would be used as working capital, the company previously said.

BY: 슬롯사이트