Insight ASIA Silver Heritage Group
to regulate the casino industry which was enacted in 2013. Te casinos operating at that time could have continued to operate if they had paid their taxes but they refused to do so and the Government had no choice but to enforce the law.
We were the first to open a casino under the new regulations when we opened Te Millionaire’s Club & Casino in Kathmandu in February 2015.
We will continue to support the Government’s efforts to regulate the industry to bring it in line with first world gaming jurisdictions. For instance, Nepal as with most countries is a party to Te Financial Action Taskforce. We support that work and actively comply with Anti Money Laundering throughout our operations in Nepal and elsewhere.
Silver Heritage relocated its Vietnam licence to a hill top in Bac Ninh in mid 2015. How successful was this move?
Tim Shephard: Te move of the Phoenix International Club, which we manage, has been very successful and development continues with a further 62 rooms expected to come online by the end of 2017. It is a purpose built boutique casino hotel which is small by Asian standards currently so mainly caters to the day visitors from nearby Hanoi and from foreigners living and working in the city.
Te biggest Samsung Galaxy factory in the world is located in Bac Ninh and Koreans make up one of our key customer segments. Te casino is just 45 minutes from Hanoi airport so we anticipate with greater room count we can expect greater numbers of
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gaming groups flying in and staying with us for longer periods.
How important has the development of the Ho Tram strip been to Vietnam? How do you see the country’s market developing? Will locals ever be allowed to play?
Tim Shephard: Tat’s a difficult question to answer as it’s been a loss maker since Day 1. It’s an example of how not to invest in a market in Asia or anywhere for that matter. No license when they built, eventually got one but not for locals and there is no sign of that happening. At present its 50/50 the Politburo running Vietnam will pass a decree which will eventually see locals playing in certain approved venues. Tat, in our opinion is highly unlikely to include Ho Tram.
Silver Heritage is launching an Initial Public Offering on the Australian Stock Exchange, offering 62.5 million ordinary shares at a price of $0.30 each, giving a market capitalisation of $59.8m. The aim is to raise $18.6m to help finance the Nepal project and ‘future’ projects? Where do you see these being? Is there planned further growth in existing markets? Would growth come as new resorts or revenue shares on machines, or both?
Tim Shephard: Te IPO proceeds will be used to fund completion of the construction of Tiger Palace Resort Bhairahawa, which is due to open in early 2017, to pay a deposit to secure the land for our next planned Tiger Palace Resort, at Jhapa also on the India/Nepal border and towards growth of our existing casinos in Kathmandu and Vietnam, where we plan to increase the number of tables.
The move of the Phoenix International Club, which we manage, has been very successful and development continues with a further 62 rooms expected to come online by the end of 2017. It is a purpose built boutique casino hotel which is small by Asian standards currently so mainly caters to the day visitors from nearby Hanoi and from foreigners living and working in the city.
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