Print Edition - 2015-02-07 | MONEY
Silver Heritage continues expansion effort in Nepal
Feb 6, 2015-
After announcing the opening of a casino in Kathmandu, Silver Heritage Limited (SHL), Asia’s leading gaming operator, is expanding its presence in Nepal, with new investment plans.
The new casino, The Millionaire’s Club & Casino at the Shangri-La Hotel, Kathmandu is a boutique casino operating under the new Nepal gaming regulations, and provides 22 live gaming tables and 40 electronic gaming machines, all operated to the highest international standards.
The casino is primarily aimed at providing expanded gaming opportunities for customers from the growing Indian, Chinese and Bangladeshi markets, and also service the expatriate community living in Nepal.
SHL in its next phase of investment into the Nepali tourism market is developing Tiger Palace, a five-star resort in Bhairahawa. The resort spread over 10.8 hectares will feature conference facilities, fine dining, family entertainment and activity centres, wedding venues and potentially a casino. Construction is currently underway and Tiger Palace is expected to open in 2016. SHL expects to open at least two more resorts in Nepal before the end of 2018 to meet the growing demand in South Asia and across the Asia Pacific region as a whole -- a region which has now become the largest gaming market in the world.
Commenting on the announcement, SHL CEO Mike Bolsover said, “Silver Heritage Limited has been looking to invest in the Nepali tourism and recreation industry since 2011, and we are confident the Kathmandu development represents a huge opportunity given its proximity to India and China’s massive and growing middle class and Nepal’s cultural affinity with its southern neighbour.”
The announcement follows the successful building and operation of a licensed gaming venue at Dhangadhi close to the Indian border, where SHL manages three automated tables and 20 slots with a membership of more than 4,500 people.
SHL has also supplied automated tables and slots to five other properties on the border and two casinos in Kathmandu.
SHL Executive Director Tim Shepherd added that the company’s approach goes beyond the physical delivery and management of casinos and resorts. “The Silver Heritage Way is a philosophy based on being an active and committed partner in the communities we operate in.
“We believe the work we are undertaking in Nepal will help the Nepali government achieve its goals by encouraging inbound tourism, particularly from India and China, and stimulating the local and national economy through our planned phased investment of more than $100 million in developing a chain of five-star resort facilities across Nepal.”
Published: 07-02-2015 10:09