Nepal – Second quarter revenues set new record for Silver HeritageBy Phil - 23 July 2018
Nepal casino group Silver Heritage Group has seen its revenues soar in the second quarter of 2018 with Gross GGR of US$11.39m setting a new group record since listing on the ASX in 2016.
Non-gaming and casino revenues were flying at its Millionaire’s Club and Casino in Kathmandu and its Tiger Palace Resort Bhairahawa.
Group Gross Gaming Revenue for the second quarter were up by 39 per cent compared to the first quarter, reaching US$11.39m. The Millionaire’s Club and Casino in Kathmandu, Nepal saw its second quarter revenues rise by a staggering 80 per cent on the first quarter results with GGR reaching US$1.52m. That figure was up 38 per cent on the second quarter of 2017.
The company’s Phoenix International Club in Bac Ninh, Vietnam, generated GGR of US$8.52m, up 33 per cent on the first quarter and up 44 per cent on last year’s second quarter figures.
The company’s latest casino, Tiger Palace Resort Bhairahawa, Nepal, generated Gross Gaming Revenue of US$1.35m, up 50 per cent on the first quarter.
Silver Heritage said: “Tiger Palace is fast approaching breakeven with positive cashflow in its fourth month following the casino’s grand opening. The key KPI’s of Resort (Non-Gaming) and Casino (Gaming) Revenues, visitation (footfall), and occupancy have all grown steadily since the casino license was issued in December 2017. Total Revenue was up 73 per cent in the second quarter of 2018 compared to the first quarter. Total Drop (cash exchanged for chips) in the second quarter of 2018 was up 33 per cent on the first quarter to US$4.75m. Non-Gaming Revenue was up 145 per cent to US$548,000. In the six months to June 30 the casino has registered over 17,300 patrons with strong recurring visitors with total footfall of 45,100 since the casino license issued. Hotel occupancy has been over 79 per cent in month of June 2018.”