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Silver Heritage Group Limited agrees compensation agreement with Vietnam

Asian casino operator Silver Heritage Group Limited has announced that it will receive compensation of $ 5.25 million after agreeing a deal in connection with the recent closure of its gaming operations at Phoenix International Club in northern Vietnam.

Casino closure:

The Sydney-listed firm used an official Tuesday file (pdf) to state that it was responsible for a casino on the property near Hanoi, but was forced to cease operations at the beginning of the month as its local partner did not dare to “maintain the gaming license.”.

Conclusion:

Silver Heritage’s records state that the agreement with the unnamed counterparty constitutes a “complete and final settlement of all claims and rights” in connection with its previous alliance and also the entire transfer of its “gaming assets” within the Phoenix International Club the owner includes the property.

Residual deficit:

The Hong Kong-based operator’s notification stated that the equalization amount, which it was to receive in two separate installments, was equivalent to approximately two years of the earnings before interest, taxes, depreciation and amortization expected from the venue in Vietnam. However, the Group announced that it still expects a deficit of approximately $ 1.2 million due to losses of approximately $ 6.5 million related to the most recent closure.

Nonetheless, the motion confirmed that it considers the trade as “generally favorable” taking into account all circumstances and now intends to “cease operations in Vietnam”.

Significant shutdown:

According to a GGRAsia Wednesday report, the Phoenix International Club’s casino accounted for approximately 45% of the unaudited annual revenue of Silver Heritage Group Limited, although the company announced in January that this operation was recently below budget expectations. ‘

Nepalese expansion:

Founded in 2003, Silver Heritage opened its Tiger Palace Resort Bhairahawa Casino Resort just over a year ago. In addition, Silver Heritage is responsible for playing at The Millionaire’s Club and Casino at Shangri La Hotel and Resort, Kathmandu. It is to be hoped that in the next few years it will expand its presence in Nepal by building its play-friendly Tiger Palace Resort Jhapa on an 18.4 hectare property in the extreme southeast of the Himalayas.

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