The Australian-listed gaming company, Silver Heritage Group, has announced it has entered voluntary administration as of yesterday May 18 due to the ‘COVID-19 emergence.’
Having looked at the sale of some of its properties, Palace Resort Bhairahawa operator in Nepal and The Millionaire’s Club in Kathmandu appointed KPMG as administrator months after their lender, OCP Asia, gave the company extra funding.
Silver Heritage declaration read: “The company had been exploring options to generate liquidity and prior to the emergence of COVID-19 had received expressions of interest from several parties in respect of possible transactions.
“However, as a result of the emergence of COVID-19 and the forced temporary closure of the company’s facilities in Nepal, the timing in relation to consummating one of the transactions has become uncertain.
“The Board of Directors regret that these events have come to pass and acknowledge all the Group’s employees for their hard work and contribution.”
This follows Silver Heritage’s recent claim that it had initiated cost reduction strategies in an attempt to mitigate the impact of COVID-19, despite recording a sales revenue rise at the end of February this year.
In March 2019 the company suffered a major setback, when casino operations at Vietnam’s Phoenix International Club were shut down following changes to the property’s Investment Certificate that no longer allowed gaming tables to operate.
According to its website, Silver Heritage Group boasts 76 live gaming tables and 250 electronic gaming machines while employing more than 1,000 people.