Nepal casino group Silver Heritage reported a 110 per cent upswing in table drop and 142 per cent increase in visitation at its Tiger Palace in Bhairahawa, in January.
This was the first month since opening that it has been able to compare a year-on-year result. January saw table drop of US$2,128,000 compared with US$1,009,000 in January 2018, with footfall more than doubling from 4,361 to 10,584.
Silver Heritage said: “At Tiger Palace Resort in Bhairahawa, as previously announced, the Company has made a number of strategic changes to marketing and operations. Drop continues to improve with December and January being the 2nd and 3rd highest months respectively since the casino opened on 28 December 2018. The Board and management are focused on making further improvements to support growth, including new marketing initiatives and the opening of three VIP gaming rooms in February 2019 to further drive additional revenue at the property. Drop continues to improve with December and January being the second and third highest months respectively since the casino opened on December 28 2017.”
Silver Heritage revealed that it has amended its agreement with the owners of Phoenix International Club in Vietnam, which it manages gaming operations.
It explained: “The weak trading performance at Phoenix has continued throughout the year end and into January. The Company entered into discussions with the owner of the property and has, as a result of these discussions, renegotiated and amended its agreement in respect of Phoenix and in light of increased competition and other factors. The company has reduced its share of Gross Gaming Revenues to 30 per cent in return for a significant reduction in its fixed cost contributions to the operation of the property. The company now expects earnings to improve over the coming months driven by this reduction in fixed costs combined with focus on increasing footfall and drop at the property.”