Silver Heritage Group Secures New Funds for Resort Casino Project
Silver Heritage Group is a gaming operations company based out of Hong Kong. While the group's headquarters is in Hong Kong, they are a registered Australian company. The company specializes in helping the growth of new and emerging gaming markets all over the world. They currently operate casinos and gaming clubs all over Asia. Most recently, they have decided to embark on a new venture. Silver Heritage Group is working on opening a new resort casino. This new facility will open in 2017 in Nepal.
While working on this new resort casino which will be called the “Tiger Palace Bhairahawa,” they came across the realization that they may need more funding. So, they turned to the Australian Securities Exchange. Then, in a recent announcement, they released the news to the public that they have, in fact, secured additional funding for their newest venture.
These extra funds have amounted to NPR510mn which means around AU$5 million. Silver Heritage Group stated that they hope this resort casino will “transform the South Asian casion entertainment landscape.” The Tiger Palace will be opening in between two world heritage sites this year.
While Silver Heritage Group does own two other casinos in South Asia, this is the only one that will be completely self-managed, which is why the company is so excited about this new addition to their company. When asked what the funds would be used for, they told the Australian Securities Exchange that they would prepaying US$2 million outstanding bonds of which they have US$20 million.
Silver Heritage Group is receiving a lot of support from banking syndicates. Prime Commercial Bank would be the 4th to support their new resort casino project. They also announced that bridge loans will be set at a 13% interest rate, and reimbursements would occur quarterly. In addition, existing loans will increase from their current 10.5% to 12%, however the frequency and dates of payments will not change for the existing loans.
Silver Heritage Group hopes to be partially opening the doors of the Tiger Palace Bhairahawa come this September. The company is very excited about the first phase of this resort casino which will feature over 100 rooms as well as a few villas. The resort plans to increase their size and capacity as time goes own. Throughout future phases, they are hoping the resort will expand to over 400 rooms.