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Hong Kong based Australian stock exchange listed Silver Heritage Group on December 28, 2017 announced the official launch of its long pending casino operations at the Tiger Palace integrated resort in a regulatory filing to the stock exchange.
The company’s subsidiary, SHL Management Services (KTM) Pvt. Ltd has finally been issued a license for casino operations at the Tiger Palace Resort by the Ministry of Culture, Tourism and Civil Aviation of Nepal. The company announced that the casino is fully operational and hosted its first major event on New Year’s Eve.
After a soft launch of the resort’s hotel on September 20, the grand launch of the casino operations was scheduled for November last year but got delayed due to lack of regulatory approval from Nepalese authorities and construction delays which forced the company to push back the launch date.
Earlier on December 21, the company made an announcement to the stock exchange that in accordance with the Nepal casino regulations, they shelled out an initial casino license fee of amounting to NPR20 million (approx. ₹1.25 crore), and a casino royalty fee of NPR30 million (approx. ₹1.87 crore) for the Nepal fiscal year, in order to receive the casino license.
The resort, touted to be one of South Asia’s largest casino resorts is strategically located mere minutes away from the border of Uttar Pradesh in the Bhairahawa area of Nepal. Located between two UNESCO world heritage sites, the resort opened with 100 five star rooms and 2 villas in the first phase which will soon become 400 in future phases.
Attractions of the resort include three restaurants including one fine-dining buffet; three bars; a dedicated spa and gym along with 200 slots machines and 52 table games in its casino. The resort aims to attract guests and gamblers from Uttar Pradesh along with Bihar, Delhi, West Bengal, Bangladesh and China.
On the new announcement, Silver Heritage managing director and chief executive said, “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, the citizens and the government of Nepal, and we are humbled by the dedication and support of all of those people involved in designing, developing, building, completing, and finally opening Tiger Palace Resort Bhairahawa. The future is indeed bright for the company and for the people of Nepal and tourism in this country.”