Regional gaming operator Silver Heritage Group Limited (ASX: SVH) reports that its Tiger Palace Resort Bhairahawa has been awarded a 5-Star Hotel Rating by the Ministry of Culture, Tourism, and Civil Aviation of Nepal (MOCTCA).
The company says it is now ready to lodge the application to MOCTCA for its existing licensed casino management company, SHL Management Services (KTM) Private Limited (“SHMK”), to operate the casino at Tiger Palace.
SHMK currently operates the casino at the Shangri-La Hotel known as The Millionaire’s Club and Casino, Kathmandu, under the casino regulations of Nepal (Casino Rules 2070).
SHMK is able to operate casinos in different 5-Star hotels in Nepal.
Tiger Palace opened its hotel in September 2017 and will be ready to commence gaming operations at the resort’s casino following the processing of the application, at which time the company will make a further announcement.
Silver Heritage Managing Director Mike Bolsover said the Tiger Palace is the first integrated resort designed to address the demand from the burgeoning middle class in India with over 400 million people living in Uttar Pradesh, Bihar and West Bengal, all of which are adjacent to Nepal, and more than 15 million middle class Indians living within a 6 hour drive of Tiger Palace.
The company also announced that its wholly owned subsidiary, Tiger One Pvt. Ltd., signed a supplementary agreement with its Nepalese banking syndicate extending its Demand Loan facility from a maximum of NPR 150 million (approximately US$1.5 million) to a maximum of NPR 280 million (approximately US$2.8 million).
Mr Bolsover said the funds will provide the company with increased flexibility in managing its financial affairs during the opening of Tiger Palace and over the first few months of its operations.
