Operator News
Nepal – New doubt over Tiger Palace opening date
By Phil - 27 February 2017
Silver Heritage Group has been granted an immediate suspension of its stock by the Australian Securities Exchange.
The company’s $40m Tiger Palace Resort in Nepal has stalled due to ‘a shortage of liquidity in the Nepal banking system.’
The 26,597 sq ft casino was due to open in October 2016 with 200 slots and 52 gaming tables.
The group stated: “Silver Heritage is encountering unexpected delays in the final completion of Tiger Palace Resort Bhairahawa. The board has been conducting a review of the impact of these delays and initial results of these investigations have suggested that the delays may have a material effect on the completion date and final project cost of the Tiger Palace Resort Bhairahawa.”
“Silver Heritage requests a voluntary suspension to enable the company to manage its continuous disclosure obligations so that the board may complete its investigations to determine the extent of the anticipated delay and increase in project cost in order to properly inform the market. Silver Heritage requests that the voluntary suspension remain in place until the board is able to release an announcement on the updated completion date and final project cost of Tiger Palace Resort Bhairahawa, which it expects will take approximately two to three weeks. Silver Heritage is not aware of any reason why the voluntary suspension should not be granted or of any other information necessary to inform the market about the voluntary suspension.”
