Silver Heritage Group Limited in negotiations over delinquent casino royalties

Home » Silver Heritage Group Limited in negotiations over delinquent casino royalties

Asian casino operator Silver Heritage Group Limited is reportedly holding talks with the government of Nepal over whether it will still be required to hand over approximately $1.08 million in royalties attached to its local gambling licenses.

According to a report from GGRAsia, the Hong Kong-headquartered firm is responsible for the gambling-friendly Tiger Palace Resort Bhairahawa development in the south of the small nation as well as The Millionaire’s Club and Casino within Kathmandu’s five-star Shangri La Hotel and Resort. However, the source detailed that both of these facilities, which offered a combined complement of over 230 slots in addition to more than 70 gaming tables, have been shuttered since March of 2020 owing to strict public health protocols introduced to help quell the local spread of the coronavirus pandemic.

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Derelict discussions:

In light of these temporary closures and Silver Heritage Group Limited has reportedly not paid the gambling royalties owed as part of its Nepalese casino licenses for almost two years and is now seeking clarification over whether it is to be obliged to shell out such duties for venues that have remained closed.

Sobering situation:

A representative for Silver Heritage Group Limited reportedly told GGRAsia that the company is currently engaged in discussions ‘with the relevant minister’ in Nepal concerning the delinquent gambling royalties and is ‘seeking clarity in the regulations’ as the nation does not yet have any specific laws governing such an eventuality. The envoy purportedly also stated that the firm had not ‘operated any casinos this year, nor last year’ in keeping with a range of coronavirus-related rules the country introduced in the spring of 2020.

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Tough times:

Silver Heritage Group Limited reportedly had a rough run-up to the start of the pandemic and was placed under the control of audit specialist KPMG in May of 2020 after being unable to meet a range of debt obligations to backer OCP Asia. The casino operator was then purportedly de-listed from the Sydney Stock Exchange before having almost the entirety of its issued share capital purchased by Filipino enterprise HatchAsia Incorporated.

Vietnamese withdrawal:

Established in 2003, Silver Heritage Group Limited had reportedly furthermore been behind a gambling operation inside northern Vietnam’s Phoenix International Club until it was forced to fully close this enterprise in March of 2019 owing to the loss of its local casino license. This affair, which was ultimately blamed on an unnamed partner, purportedly cost the firm in the region of $1.2 million even after it had received some $5.2 million in compensation.

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