Money

Silver Heritage building casino resort in Jhapa

  • Luxury property
- Post Report

Aug 28, 2018-

Australian-listed boutique casino operator Silver Heritage Group has moved to start another casino-cum-resort in Jhapa in eastern Nepal.

The group, which operates the Tiger Palace Casino Resort in Bhairahawa, said that it had completed the process of purchasing land for the planned new property named Tiger Palace Resort Jhapa. The total cost of the project has not been revealed.

“The land deal has been finalized. Construction is expected to commence soon,” Brett Model, general manager of Hotel at Tiger Palace, told the Post. “Jhapa’s property has targeted customers from two Indian states—Bihar and Sikkim. We are also looking at the Bangladeshi market which is not far away from Nepal.” In a filing to the Australian Securities Exchange, the company said that it had paid a sum of Rs361.3 million ($3.2 million), including taxes and fees, for 74,500 square metres of land. According to the company, it finally managed to secure the land after a previous unsuccessful attempt. The plan was announced in July 2016.

Silver Heritage currently manages two casinos in Nepal—the Millionaire’s Club at the Shangri-La Hotel in Kathmandu and the Tiger Palace Resort in Bhairahawa. The second property was launched in December 2017.

The Tiger Palace Resort was awarded a five-star rating by the Department of Tourism in November. Built at a cost of $52 million, the Tiger Palace Resort was classified as Nepal’s first five-star casino resort.

The trade and industrial hub of Bhairahawa, located in the southern Tarai plains close to the Indian border, is also the gateway to Lumbini, the birthplace of the Buddha, and the site of the country’s second international airport which is expected to be completed by July 2019.

The resort is a 15-minute drive from Bhairahawa Airport and an 18-minute drive from the Indian border. The Tiger Palace Resort has targeted Indian customers since the commencement of operations. Its primary target market is the big Indian population living along the 1,700-km border connecting Uttar Pradesh, Bihar and West Bengal, besides Delhi, Mumbai and other key Indian cities. The 100-room property is the first integrated five-star casino resort in South Asia. In the second phase, Silver Heritage plans to offer 400 guest rooms.

Tiger Palace is spread over 15 bighas and features two villas, a gym, spa, swimming pool, restaurants and meeting and banquet facilities suitable for weddings. The resort provides access to customers to a 2,471 square-metre casino floor.

Earlier this year, Silver Heritage was embroiled in a legal battle with its local partner Rajendra Bajgain. The dispute was settled out of court with the Nepali partner selling his 10 percent share to Silver Heritage. The 500,000 shares were purchased by Tiger Kathmandu Investment.

Published: 28-08-2018 08:02

User's Feedback

Click here for your comments

Comment via Facebook

Don't have facebook account? Use this form to comment