Silver Heritage to open second casino in Nepal

Posted On 28 Aug, 2018 0

The casino and gaming industries in Asia seem to be booming over the last few years, with the biggest players preferring to come to this part of the world, rather than others. Macau is one such example, a destination which is said to be slowly but steadily overtaking Las Vegas as the world's most popular gambling hub.

Recently, Myanmar also drafted a new Gambling Bill to allow the functioning of regulated casinos in the country, while the casino scenario in Nepal is on its way up as well. Recently, the Australian-listed Silver Heritage Group has announced that it has purchased land in the Jhapa district of eastern Nepal, to open up its second casino resort in the country.

The casino operator already owns one casino in the Himalayan country called Tiger Palace Resort Bhairahawa, which opened its doors to customers at the start of this year. Now, they have purchased 7.45 hectares (around 18.4 acres) of land in Jhapa to begin work on its second casino resort, which will be called ‘Tiger Palace Resort-Jhapa’.

According to a regulatory filing in the Australian stock exchange, the Silver Heritage Group had initially announced in July 2016 that they had plans of buying around 11.5 hectares of land in Jhapa, having made deposits of NPR 104.9 million (~INR 6.6 crore) in March 2015 and NPR 214.4 million (~INR 13.5 crore) in August 2016.

However, the agreement to purchase the land expired in March 2018 and the deposits were forfeited, as the company ran into some funding issues. However, they were now able to complete the purchase of the property (slightly smaller than the initial plan), with reports of its total purchase price (including fees and taxes) being around $3.2 million.

Along with this announcement, the company also indicated their intentions of expansions at the Bhairahawa Resort, which has been doing pretty well since it began operations. Keep reading for similar casino updates from around the world.

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