Hong Kong-based gambling operator Silver Heritage Ltd. announced that it will try to raise the amount of US$120 million out of fees by listing on the Australian Stock Exchange sometime in March.
The money from the company’s initial public offering (IPO) will be invested in the establishment of a chain of four casinos on Nepal’s southern border. The gambling venues, which will be branded Tiger Palace, will be primarily intended for players from the northern part of India.
Silver Heritage is planning to open the first of the luxurious casinos in 2016. The venue is to be located not far from the Indian border. Apart from the casino, the property will also feature 300 hotel rooms, conference halls, restaurants, wedding venues, a wide selection of family entertainment options, etc.
The company shared that it will operate over 500 gaming tables and 2,000 slot machines at all four locations by 2018. The Tiger Palace properties will also feature hundreds of top-class hotel rooms, conference and wedding facilities, and numerous attractions.
The first of the four resorts was described as very simple in layout. It will offer a total of 100 hotel rooms and three villas to its visitors. As for the casino, it will feature 50 gaming tables and 250 slot machines at first.
Tim Shepherd, the current executive director of Silver Heritage, commented on the company’s expansion into the Nepalese gambling market as an excellent way to attract Indian players. He pointed to the fact that India cannot offer entertainment options to all its residents. This is why they are ready to travel to other countries in order to have fun. And this is what Silver Heritage intends to offer to them – a full range of casino games and numerous other attractions.
Apart from the four venues on the southern Nepalese border, the Hong Kong-based gaming operator will also manage the so-called Shangri-La Casino in Kathmandu, which is expected to open doors within weeks.
Mr. Shepherd also commented on Crown’s failed plans to build a US$400-million resort in Sri Lanka as an opportunity for his company to expand its business there. He pointed out that both Nepalese and Sri Lankan gambling markets are oriented towards attracting Indian players.
Silver Heritage also plans to use some of the money from the IPO in order to fund the operation of as many as 30 bingo parlors in the Philippines.
Mr. Shepherd pointed out that the company raised the additional amount of US$45 million back in June 2014. The money is to be invested in the company’s first resort in Nepal as well as in 10 bingo parlors in the Philippines.
Mr. Shepherd shared that Silver Heritage is “funded through to 2016”. Yet, the executive stated that now is the right time for a listing.
