search.noResults

search.searching

dataCollection.invalidEmail
note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
Events


IAGA SUMMIT Macau 2018


Mike Bolsover, Chief Executive, Silver Heritage Group


WHAT’S HAPPENING IN NEPAL?


Asia’s second oldest licensed casino jurisdiction, a little-known fact, Nepal’s first casino opened in 1968, the same year incidentally as the UK Gaming Act which liberalised the law and paved the way for commercial casinos in the United Kingdom. It wasn’t until 2005 that the UK opened to the concept of resort style casinos, while Nepal’s first resort style casino (“Integrated Resort”) itself opened in 2017 with the stunning and imposing US$52m ‘Tiger Palace Resort Bhairahawa’. Tis sprawling property was conceived, developed, built, and is now owned and operated by Hong Kong-based Australian-Listed Silver Heritage Group Limited.


In the interim 50-year period between 1968 and 2018, Nepal grew organically as a licensed gaming jurisdiction, and at any one time in the past Nepal has had up to 10 operating casinos, all of which were required to operate only in 5-star rated hotels in the country (those all being located in the capital Kathmandu, and the tourism hub of Pokhara, to the North West of Kathmandu).


Tere have been periods of expansion, consolidation, and confusion for operators and for the (monarchy and then) governments involved in their licensing and oversight, until finally being formally recognised as an “Industry,” and also formally regulated under the first set of casino regulations in July 2013 “Casino Rules 2070.”


Gaming Tax (“Royalties”) are fixed at US$300,000 equivalent per annum, and license fees are US$200,000 equivalent in year one and then US$100,000 equivalent in subsequent years. Operators are required to have a company with the relevant Articles of Association permitting gaming, to have a minimum of US$2,500,000 equivalent in paid up capital, to have a local shareholder, and to operate casinos only in 5-star rated hotels in the country.


Te establishment of the Casino Rules 2070 heralded a new age for the tourism and gaming industry in Nepal, with a real regulatory platform upon which to base Foreign Direct Investment into the gaming sector, in turn enabling large scale development by experienced international operators.


To date, only Silver Heritage Group has completed and opened a new build (greenfield) large-scale development, strategically located between the two UNESCO World Heritage Sites of Chitwan National Park (with its Bengal Tiger, Elephant, and Black Rhino) and Lumbini (the birthplace of Lord Buddha), a treasure which could develop into an international tourism destination like Angkor Wat in Cambodia. Tiger Palace and the surrounding tourism draws are


Mike Bolsover is Chief Executive of Silver Heritage Group (SVH:ASX), which he co-founded in 2003 and took public in 2016 on the Australian Securities Exchange. Silver Heritage has interests in casino and hotel developments in Asia, with a focus on India and Vietnam. The Group has recently opened South Asia’s first Integrated Resort situated in Nepal between the two UNESCO World Heritage sites of Chitwan and Lumbini, proximate to 430 million Indians living in the North of India between Delhi and Kolkata. After graduating with a Finance degree from the Roberto C. Goizuetta Business School at Emory University 1998, Mike worked with Victor Chandler International in Gibraltar, South Korea and Malaysia before leaving to establish Silver Heritage in 2003.


There have been periods of expansion, consolidation, and confusion for operators and for the (monarchy and then) governments involved in their licensing and oversight, until finally being formally recognised as an ‘Industry,’ and also formally regulated under the first set of casino regulations in July 2013 ‘Casino Rules 2070.’


currently served by a domestic airport a few miles from the Resort, but the paradigm will shift in 2019 when the Airport (Gautam Buddha Airport) opens to international travelers from the Asian Region once the 3,000m runway and customs and immigration facilities are completed.


Tere are currently eight licensed casinos in Nepal, with both domestic promoters and also foreign investors represented such as Pride Group (Indian) and Silver Heritage Group (Australian) with existing operations, and in late 2018, Delta Corporation (Indian) plans to participate in the burgeoning market by operating inside third-party owned and operated hotels in Kathmandu.


IAGA


The International Association of Gaming Advisors (IAGA) will hold its 37th annual International Gaming Summit May 14 - 16 at the Four Seasons Macao in Macau, China.


NEWSWIRE / INTERACTIVE /MARKET DATA P61


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124  |  Page 125  |  Page 126  |  Page 127  |  Page 128  |  Page 129  |  Page 130  |  Page 131  |  Page 132  |  Page 133  |  Page 134  |  Page 135  |  Page 136  |  Page 137  |  Page 138  |  Page 139  |  Page 140  |  Page 141  |  Page 142  |  Page 143  |  Page 144  |  Page 145  |  Page 146  |  Page 147  |  Page 148  |  Page 149  |  Page 150