Silver Heritage Casino

4/13/2022

Casino operator Silver Heritage Group has had some difficulty the past couple of years. It entered administration this past May and brought in receivers to help sort out the mess and hoped there would be some way to stay afloat.
Silver Heritage owns and operates the casino property Tiger Palace Resort Bhairahawa (pictured) on Nepal’s border with India. The group also manages gaming at the Millionaire’s Club and Casino, in Kathmandu, the capital of Nepal. The company suspended its casino operations in Nepal on March 23 and its hotel operations the following day.

Silver Heritage owns and operates the casino property Tiger Palace Resort Bhairahawa (pictured) on Nepal’s border with India. The group also manages gaming at the Millionaire’s Club and Casino, in Kathmandu, the capital of Nepal. The company suspended its casino operations in Nepal on March 23 and its hotel operations the following day.

Australia-listed Silver Heritage Group has announced it has entered into voluntary administration as of Monday 18th May.

According to the company’s announcement to the ASX, the board of directors have appointed Ryan Eagle and Amanda Coneyworth of KPMG as administrators of the company.

Silver Heritage said it had been exploring options to generate liquidity even prior to the emergence of COVID-19, with expressions of interest from several parties in respect of possible transactions, it said.

However, the emergence of COVID-19 and the forced temporary closure of its Nepal operations on March 20, 2020 has led to the timing of the consummation of one of the transactions to become “uncertain”.

The company’s main lender, OCP, who had provided additional funds in January to support the company’s short term funding, has also advised it is unwilling to provide any further support to the company, said the company.

“The board of directors regret that these events have come to pass and acknowledge all the group’s employees for their hard work and contribution.”