Nepal’s Tiger Palace Casino Starts Operations
Nepal's Tiger Palace Resort was strategically placed in the Bhairahawa area of Nepal, very close to the Indian border, with the intentions of attracting Indian players from states like Uttar Pradesh, New Delhi, West Bengal, Bihar and countries like China and Bangladesh.
A soft opening of the resort was done in September 2017, with a casino license pending. Now, on 28th December 2017, the Silver Heritage Group announced that its subsidiary SHL Management Services (KTM) Pvt. Ltd. had been granted a license for operating a casino at the Tiger Palace integrated resort.
The license was issued by the Ministry of Culture, Tourism and Civil Aviation of Nepal, and this is set to provide a boost to tourism and revenue of the country. “Tiger Palace is now fully open and its first major event is a New Year’s Eve celebration 2018 to be held on December 31, 2017,” said Silver Heritage, while filing to the Australian Securities Exchange.
Silver Heritage made another announcement last month that they had to pay, in accordance with the Nepal casino regulations, an amount of NPR20 million (approx. $194,000) and a casino royalty fee of NPR30 million (approx. $291,000) for the Nepal fiscal year (July to July), in order to secure the casino license. The resort currently offers around 100 rooms and is said to be one of the biggest casino resorts in South Asia.
“The chairman and board of directors of Silver Heritage and I are extraordinarily grateful to everyone who helped bring this vision to life, including the committed and supportive shareholders in Silver Heritage, and the citizens and the government of Nepal," said Mike Bolsover, Managing Director and CEO of Silver Heritage.
Silver Heritage also operates the Millionaire's Club and Casino in Kathmandu and the Phoenix International Club in Vietnam. If this casino is successful, Silver Heritage will also be looking to launch a second casino resort close to the Indian border with Bangladesh.
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