Silver Heritage enjoys record quarter of 39% GGR growth

Silver Heritage Group has recorded its strongest quarterly gross gaming revenue since listing in 2016, with GGR up 39% to US$11.39 million for the three months to 30 June 2018.

The positive results included strong growth at all three of the group’s casinos, with Phoenix International Club in Vietnam leading the way with GGR of US$8.52 million – a 33% sequential increase on the US$6.43 million it generated in the first quarter.

The Millionaire’s Club & Casino in Kathmandu, Nepal, enjoyed an 80% sequential and 35% year-on-year increase in GGR to US$1.52 million.

But all eyes remain focused on its US$52 million Tiger Palace Resort, the southern Nepal IR launched late last year. Tiger Palace also enjoyed a record quarter, with GGR up 47% sequentially to US$1.34 million and total revenue up 73% to US$1.77 million.

June proved to be a particularly strong month for the IR, achieving record footfall of 13,947 and record table drop of US$2.23 million.

In its 2Q18 performance update, Silver Heritage said that Tiger Palace is now approaching breakeven property level positive cash flow in its fourth full month of operations since holding its Grand Opening in March. The property held a soft opening of its hotel facilities in September 2017 while the casino opened its doors on 28 December.