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Silver Heritage Group to list on ASX

Asian focused gaming company Silver Heritage Group has announced it will list on the Australian Stock Exchange on August 29, 2016 following the successful completion of its A$25 million ($18.9 million) IPO.

Under the Prospectus, Silver Heritage offered 62.5 million ordinary shares in the Company at an offer price of A$0.40 per share. On listing, the indicative market capitalisation of the company post-listing is approximately A$80 million.

In a press release over the weekend, the funds raised through the offer will be used for the expansion of the Group’s projects, including the development of Tiger Palace Resort Bhairahawa, the first integrated resort built for Indian casino players located in Nepal close to the Indian border.

With only six licensed live table casinos currently in operation in India, and only five licensed casinos operating in Nepal - all of which are located in the capital Kathmandu, the group says it will have a significant market advantage through its flagship Tiger Palace Resort. Over 430 million Indians live within a day’s drive of the Nepal border and entry to and exit from Nepal is visa-free for Indian nationals.

Founded in 2003, Silver Heritage Group has grown rapidly into an experienced regional gaming management operation, with interests in casinos and gaming venues in Nepal, Vietnam, Laos and Cambodia, and with past experience in Macau and The Philippines too.

The company’s core growth strategy going forward is to focus on developing casino resorts on the India-Nepal border where there is strong demand from the emerging Indian middle class residents in the Indian states bordering Nepal who currently have restricted access to gaming facilities.

Nepal’s Ministry for Labor and Employment also welcomes Silver Heritage’s investment.

Hon. Deepak Bohara, Minister Labor and Employment, said: “Nepal is open for foreign investment in tourism and there is a huge opportunity here to access large untapped Indian demand for leisure and entertainment. Our geographical proximity to India and its growing middle class make it an attractive investment opportunity. We welcome Silver Heritage Group’s investment in Tiger Palace Resort as it will create new jobs and generate significant revenue for our country.”

Commenting on the company’s key strengths Silver Heritage Group’s CEO Mike Bolsover said: “We’ve been managing and operating casino in Asia for over 12 years and have been in Nepal since 2012. We are a group that develops projects over time and only where we see significant competitive advantage. We focus on mid-size opportunities and improving operating performance to best practice standards. This strategy has allowed us to build significant expertise and local knowledge while growing profitability and generating attractive returns on capital.

“We successfully applied for a license to operate The Millionaire’s Club & Casino in Kathmandu in early 2015, and in early 2017 will launch our beautiful new facility, Tiger Palace Resort.

“We understand the regulatory frameworks of the markets in which we operate, and our approach to best practice compliance is to go beyond industry standards.”

With that philosophy in mind, Mr Bolsover said the company had been encouraged to list on the Australian Securities Exchange as a result of the market’s depth of understanding for gaming stocks such as Crown, The Star Entertainment Group and Tabcorp, along with its reputation as one of Asia’s leading capital markets.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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