Operator News
Nepal – Silver Heritage to spend extra $14.8m on Tiger Palace
By Phil - 27 March 2017
Silver Heritage Group has said it will need to spend an extra US$14.8m to complete the construction of Tiger Palace Resort Bhairahawa in Nepal.
This will take the final cost of the project to US$54.5m up from $39.8m.
The company said: “Construction of Tiger Palace Resort Bhairahawa has made good progress. Infrastructure is 90 per cent complete, hospitality is 80 per cent complete and casino and public areas are 60 per cent complete. However there is a delay to opening and an overrun on budget. A new project management team has been appointed and new project management measures have been implemented. The company requires US$14.8m of new capital to open Tiger Palace. The opening will be in stages from August 2017 with the Hotel to the Resort & Casino Grand Opening in November 2017. The company is finalizing the structure by which it will raise capital.”
