Silver Heritage Group Ltd, a boutique Asian casino operator, started its cost-cutting strategies. The company faced financial difficulties as its hotel and casino operations in Nepal remained closed. However, the firm didn’t provide any detail about its cost-reduction measures.
The casino operator told online bookie software providers that it is ready to reopen once the government allows it to do so. Silver Heritage Group owns and runs the Tiger Palace Resort Bhairahawa. It’s on the border of Nepal and India. Also, the company manages the casino at the Millionaire’s Club and Casino.
Silver Heritage Group closed its two casinos in Nepal to prevent the spread of coronavirus. The temporary closure followed the directive from the Home Ministry of Nepal. The government prohibited gatherings of more than 25 people in public.
Boutique Asian Casino Operator Handles Lockdown
Based on sports betting software solution reports, Silver Heritage Group closed the Tiger Palace Resort until further notice. The suspension of its operations came after the Prime Minister issued a ban on international flights going to and from Nepal.
Nepal imposed a partial lockdown by suspending international flights, closing educational institutions, and canceling long-distance transport services. According to pay per head software sources, the government ordered the closure of non-essential services in the public and private sector starting March 23.
In its latest financial report, Silver Heritage Group said that it earned $2.22 million from its operations in Nepal up to the end of February. It is an increase of 6.3 percent from the first two months in the previous year.
In a separate report, Silver Heritage Group earned $2.57 million in the first three months of 2020. It was down 41.5 percent from the same quarter last year. Its net cash from casino operations was at $1.68 million, which was down 11.4 percent from the first quarter of 2019.