Silver Heritage starts casino operations in Tiger Palace resort

Hong Kong-based and Australian stock exchange listed Silver Heritage Group announced the launch of casino operations at its Tiger Palace integrated resort last week.

In  a regulatory filing to the stock exchange, Silver Heritage Group announced on 28th December, 2017 that its subsidiary, SHL Management Services (KTM) Pvt. Ltd.  has been issued a license for casino operations at the Tiger Palace Resort by the Ministry of Culture, Tourism and Civil Aviation of Nepal.

The company added that the Tiger Palace resort and casino is now fully operational and noted that its first major event was scheduled on New Year’s eve, i.e. on 31st December, 2017.

Silver Heritage had made an announcement to the stock exchange on 21st December, 2017 that in accordance with the Nepal casino regulations, it had to pay an “initial casino licence fee of NPR20 million (approximately US$194,000), and the casino royalty fee of NPR30 million (approximately US$291,000) for the Nepal fiscal year, which runs from mid-July to mid-July the following year”, in order to receive the casino licence.

The integrated resort, touted to be one of South Asia’s largest casino resorts is strategically located in the Bhairahawa area of Nepal, near the India border. The resort aims to attract patrons from Uttar Pradesh, Bihar, Delhi, West Bengal, Bangladesh and China, which they believe is an ‘untapped market’ with huge potential.

A soft launch of the resort’s hotel was held on 20th September and the launch of the casino operations, which was scheduled in the last week of November, was delayed due to lack of regulatory approval from Nepalese authorities.

Speaking to GGRAsia, Mike Bolsover, managing director and chief executive of Silver Heritage, said, “The chairman and board of directors of Silver Heritage and I are extraordinarily grateful to everyone who helped bring this vision to life, including the committed and supportive shareholders in Silver Heritage, the citizens and the government of Nepal, and we are humbled by the dedication and support of all of those people involved in designing, developing, building, completing, and finally opening Tiger Palace Resort Bhairahawa.”

He further added: “The future is indeed bright for the company and for the people of Nepal and tourism in this country.”


What does 2018 have in store for the gaming industry?

2017 has been a tumultuous year for the gaming industry, with several important developments right from imposition of a new Goods and Services Tax that subsumes the existing indirect taxes applicable for the gaming industry, to important acquisitions and investments of online skill gaming websites by foreign companies.

Here is a recap of some of the important developments of 2017:

  • Punjab and Haryana High Court rules fantasy sports to be a game of skill
  • Telangana passes a new law to ban online skill games played for stakes in a big blow for online rummy
  • The Gujarat High Court rejects poker clubs’ demand to include poker under the ambit of ‘games of skill’, passes a scathing order holding poker to be a game of chance
  • The rollout of a unified national tax, the Goods and Services Tax has severely impacted the lottery industry, with many private lottery distributors claiming that the highest slab of 28% GST imposed on lotteries markted by private companies has impacted 70-80% of the business.
  • One of India’s largest rummy websites, Ace2Three was acquired by a consortium of foreign investors led by Canada-based Clairvest Group for around US$73 million.

Given the adverse regulatory developments in 2017, the year ahead is going to be challenging and crucial, especially for online poker, rummy and fantasy sports websites.

Here are some predictions about likely possibilities in 2018:

1. More states banning online games played for stakes: With Telangana passing a legislation outlawing any games of skill for stakes (including those played online) and the Gujarat High Court ruling that poker is a game of chance, more states/High Courts may take similar steps.

2. Poker legality issue may reach Supreme Court: The division bench of the Gujarat High Court will hear arguments relating to the legality of poker and skill involved in the game over the course of the next few months. Regardless of whichever side wins the matter, the losing party is likely to file an appeal in the Supreme Court.

The SC may not conclusively hear the matter and pass it’s order on the issue within 2018, but the matter may reach the apex court’s doorstep by next year.

If the High Court rules in favour of the poker clubs, the state government enacting a new law to outlaw all games of skill for stakes (on the lines of Telangana) is plausible.

3. Some more discussion on legalisation of sports betting: The widely awaited Law Commission report on sports betting is likely to be released in a couple of months. The Commission has indicated that it favours legalisation of betting under strict regulation and the report is likely to generate discussion and debate.

However, concrete steps to initiate the process of legalisation betting is not likely to be initiated. The central government and most state governments are likely to oppose any move to legalise betting or gambling.

4. Expansion of casino gaming: The Goa government is expected to unveil its new casino policy in January or February. The policy is expected to aid shifting of offshore casinos to land and enable expansion of casino gaming operations in the state. It is possible that some more state governments will look at allowing casinos for the purpose of promoting tourism.

With investments by many Indian and foreign companies in Nepal and the launch of casino operations in Tiger Palace, touted as one of the largest integrated resorts in South Asia, the Himalayan nation is likely to regain its reputation of being one of the leading gaming destinations in the continent.

Wishing all readers a very Happy 2018! May the New Year bring greater joy and prosperity to all!


Gopal Kanda inks deal with Essel Group to take over defunct Casino Maharaja vessel

Haryana strongman Gopal Kanda has inked an agreement with fellow state politician Subhash Chandra’s Essel Group to take its Casino Maharaja vessel on lease for one year and start offshore casino operations in Goa.

Kanda’s GoldenGlobe Hotels Private Limited (GGHPL) had the sixth license to carry out offshore casino operations in Goa but had failed to renew the license. However, after paying the pending arrears and penalties of around Rs. 46 crore in October last year, pursuant to a High Court order, GGHPL’s license was renewed.

GGHPL’s original MV Lucky Seven vessel had courted major controversy and caused environmental damage after it ran aground in the Miramar beach in July this year.

Due to grounding of its Lucky Seven vessel, GGHPL chose to enter into an agreement with Essel Group to take over the MV San Domino vessel. Essel Group has tried to obtain a license to operate ‘Casino Maharaja’ on board the MV San Domino for the past eight years to no avail and consequently the vessel has been lying vacant in the River Mandovi.

With the Goa bench of the Bombay High Court now asking the state government to allot a jetty for the new casino, GGHPL finally hopes to start its casino by next month.

“Our plan is to start operations in the new year, sometime in mid-January 2018, probably after we complete the interiors. We have hired MV San Domino for one year. The vessel already has operating licenses and sea worthiness certificate. All that is left is to refurnish the interiors. Otherwise the vessel is ready for operations. We already have the staff and casino equipment. We will use the license for this vessel till MV Lucky Seven is repaired,” an anonymous director of Kanda’s company told The Times of India.

Kanda’s casino will be the sixth offshore casino in the Mandovi River in Goa. Glaws was the first website to predict, in October 2016, the possibility of Kanda joining hands with Essel Group to operate the sixth offshore casino.


Golden Gaming receives provisional license for operating casino in Gangtok

Golden Play Pvt. Ltd., a company linked to the Mumbai-based Golden Gaming and Lottery Group has received a provisional license for starting casino operations in the five-star Hotel D’Wang Residency in the Deorali area of Gangtok.

The company received the provisional license on 13th December, 2017. The provisional license is meant to enable the company to set up the necessary infrastructure for commencement of casino games in the hotel. The provisional license is valid for a period of six months, within which time the company has to make to prepare the necessary casino infrastructure and apply for a regular or ‘go live’ license.

Manoj Sethi, Director of Golden Play Pvt. Ltd. confirmed that the company had received a provisional license for operating a casino in Hotel D’Wang. He added that the company expects to start operations by April 2018.

Commenting on the development Sethi noted, “After receiving a good response to the online gaming and sports betting operations that we started in Sikkim in 2015, we have decided to operate a five star hotel and 12000 square feet casino in Hotel D’Wang Residency, in the heart of Gangtok. This will enable us to offer live casino games to our patrons as well, in addition to the online sports betting and gaming services that are already being offered.”

“As part of our growth strategy, we would also be expanding in other states and territories where casinos are permitted. We are going to start a casino in Nepal- in the Hotel Cygnett Inn Krishna in Nepalgunj area, which is close to the Uttar Pradesh border and around 180 kilometres from Lucknow”, he added.

Sethi stated that the company is awaiting a casino license from the Nepalese authorities and is targeting to commence the casino in Nepal by the first half of 2018.

Once Golden Gaming receives a regular license, it shall be the fourth casino in the Himalyan state; Casino Mahjong in the Mayfair Resort, Casino Deltin in the WelcomHeritage Denzong Regency and Casino Sikkim in the Royal Plaza Hotel are the three casinos that are currently operational in the state.

Golden Gaming is the only company which is currently operating online gaming and betting parlours in the state. It is learnt that another license holder, EGT Entertainment (part of the Essel Group) has stopped their virtual horse-racing, keno and online gaming operations in the state due to commercial difficulties.

Business Gaming

Tiger Palace Resort gets five star certification, may start casino operations soon

The Tiger Palace Resort in Bhairawaha, Nepal has received five star certification from the Nepalese Ministry of Culture, Tourism and Civil Aviation, Silver Heritage Group announced in a regulatory filing to the stock exchange.

As per the announcement, the company announced that its Nepalese subsidiary, SHL Management Services (KTM) Pvt. Ltd. can now start the procedural formalities of applying for a casino license in the Tiger Palace Resort, which is strategically located near the India-Nepal border. The casino is expected to start operations soon after receiving the license, which could take a few more months.

“We have targeted high-end Indian casino players. We will be conducting helicopter charter flights from key Indian cities to bring them to Bhairahawa,” said Rajendra Bajgain, President of Silver Heritage’s local subsidiary. The casino-cum-resort will provide 1,800 jobs, 95 percent of which will go to Nepalis, according to the hotel.

Touted as one of South Asia’s biggest luxury casino resorts, Tiger Palace Resort would be primarily targeting players from Uttar Pradesh, West Bengal and Bihar as per the company. It is understood that the hotel has already seen a soft launch in September and will be open for commercial operations very soon.

As part of its future expansion plans, Silver Heritage has said that it is looking to develop two more casino resorts in Nepal. The company is currently looking for land in Jhapa in the Eastern Region to develop a 500-room Tiger branded casino-cum-resort property.

Silver Heritage has also stated that it would be having a branding agreement with Grid Logic Software Private Limited for a branding agreement to operate an online rummy website in India. It is understood that the website, would be part of the ‘Taj Rummy Network’ operated by Grid Logic.

Business Gaming

Pakyong airport in Sikkim to commence operations from 30th November, move will benefit gaming industry

Sikkim is set to get its first public airport at Pakyong village which is 35 kilometres from the state capital Gangtok. As per news reports, the Pakyong airport is set to be inaugurated on 30th November by Prime Minister Narendra Modi, and the airport will likely commence commercial operations soon after the inaugration.

According to state government sources, the inauguration has been fixed for 30th November and “a request to the Prime Minister’s Office (PMO) has been sent to seek availability of Narendra Modi for the function.”

Currently, tourists and others intending to visit Sikkim have to use the Bagdogra airport in Darjeeling district of West Bengal, which is 124 kilometres away from Gangtok. The National Highway 10 which connects Darjeeling district with Sikkim is often choked with heavy traffic and a journey from the airport to Gangtok at times takes seven or eight hours.

Those intending to visit Sikkim also face various disruptions on National Highway 10 due to landslides and other natural events as well as the Gorkhaland agitation.

The new airport will however make it easier and faster to get to Sikkim and is certain to boost tourism in the state. The two online gaming centres and three land-based casinos in five-star hotels in the state are also likely to see a manifold increase in footfalls and revenues.

Anil Malani, President of Delta Corp Ltd., which operates the Deltin Denzong casino in Gangtok feels that the new airport will be a game-changer for the state’s nascent gaming industry.

“A greenfield airport at Pakyong, about 35 kilometres from Casino Deltin Denzong promises to significantly increase footfalls by directly connecting people from key cities across India. The airport will be a major boost for tourism, positively influencing the gaming industry. Deltin Casino stands to gain the most because of its location in Denzong Regency Hotel which is opposite the Kangchenjuga, the second largest mountain range in the region,” he said.

Commenting on the development, Manoj Sethi, Director of Golden Gaming International Pvt. Ltd. said, “The overall tourist inflow to Sikkim will definitely increase manifold because of the launch of the new airport. Earlier, our patrons had to travel for many hours from Bagdogra to Gangtok, but the new airport will definitely make things easier. The footfall at our gaming outlets will also increase post the launch of the airport.”

Business Gaming

Delta Corp signs MoU to operate casino in Nepal

India’s largest gaming company, Delta Corp Ltd., has signed a Memorandum of Understanding (MoU) with Nepalsese company, Everest Hospitality and Hotel Pvt. Ltd. to operate a casino in the upcoming Marriott Hotel in the Naxal area of Kathmandu, reported Nepalese news outlet Republica.

“Implementing the Marriott brand standards, designed by renowned architects and utilizing the best construction companies, the hotel consists of state of the art services including spa, casino, and variety of restaurants, swimming pool, gym, exclusive suites and lounges” a statement by Everest Hospitality and Hotel, which is part of the leading  Nepalese business conglomerate MS Group said.

The 235-room Marriott Hotel is still under construction and is expected to start operations from June next year. MS Group’s first hotel, Thamel-based Fairfield by Marriott, started operations in March this year.

Delta Corp in a press release issued yesterday confirmed the development and noted:

Delta Corp has entered into a MoU with Everest Hospitality and Hotel (P) Ltd for leasing space at the upcoming five star Marriott Hotel in Kathmandu, Nepal to operate a casino.

Delta will initiate steps to obtain a license from the Government of Nepal and the commencement of operations of the casino will be subject to receipt of this license.

With this proposed casino in Kathmandu, Delta aims to expand its imprint outside India, in line with its strategy of expanding in the region.

Another Indian casino operator, the Pride Group already operates a casino in the Hyatt Regency Hotel in Kathmandu, Nepal since 2015. International gaming operator Silver Heritage Group has also launched a casino resort called ‘Tiger Palace Resort’ in the Bhairahawa area of Nepal. While the hotel and resort have already commenced operations, the casino is slated to open in the last week of November.

Gaming Poker

KamaGames to launch new social poker app in India

Ireland headquartered social gaming company KamaGames has announced that it will partner with  leading Chinese social gaming company Yoozoo games to make a new social poker game for the Indian market, based on its popular Pokerist game.

“Together with Yoozoo Games, we are looking to offer a fully localised gaming experience that will perfectly cater for the Indian player, whilst also leveraging Pokerist’s huge global active player base”, said Kama Games chief marketing and commercial officer Daniel Kashti in a statement.

KamaGames has around one million new users a month accessing its diverse portfolio of social casino games and over 90 million users in total around the world.

Commenting on the development, Yoozoo Games India CEO Anuj Tandon said, “It has been our firm belief that any sustainable mobile gaming business that is built in India will need to bet on in-app purchase monetisation as a strategy, ad-based monetisation is not scalable and is a short-term view on India.

Social casino as a genre has shown that Indians, if given the right content, do spend money and it will certainly be one of our focus genres, but that will not be the only genre we will be focusing on – there are some midcore titles that are going to launch soon too.”

In March this year it was reported that Yoozoo Games had set up operations in India and would be setting up a unit of developers in Pune.  It was also reported that Yoozoo Games would be investing around US$10 million to start various localised games in India such as cricket, social casino, shooting and strategy games etc.

Business Gaming

Delta Corp announces the launch of World Gaming Festival, Jackie Shroff to be brand ambassador

Delta Corp Ltd has announced the launch of a unique ‘Deltin World Gaming Festival’ (WGF) that will be held from 30th November-4th December 2017 across its properties in Goa, Daman and Sikkim as well as on its recently acquired online skill games website Adda52.

The 5-day event will see games being conducted in various segments, i.e. chance based casino games, online skill games and e-sports. While Delta Corp had conducted its first edition of WGF in 2011, this is the first time that the event is being conducted across multiple locations in India as well as online on Adda52.

Six international and local popular games, namely,  poker, rummy, roulette, baccarat, Indian flush and andar bahar that will be played in all three Goa offshore casinos of Delta Corp, i.e. Deltin Royale, Deltin Jaqk and Deltin Caravela as well as its Gangtok land-based casino, Deltin Denzong.

The event will also see online rummy and poker tournaments on Adda52. Interestingly, competitive video games (e-sports) has also being brought into the ambit of WGF, with a video gaming tournament to be conducted in the Deltin Daman from 15th-17th December, 2017. Competitive multiplayer tournaments of various games such as FIFA 18, Tekken 7, Counter Strike and DOTA 2 will also be hosted by Delta Corp as a part of WGF.

The launch of WGF was announced in a press conference today at Cafe Zoe in Mumbai in the presence of popular Bollywood actor Jackie Shroff, who was also named as the brand ambassador of the gaming event.

Commenting on the announcement of WGF, Anil Malani, President of Delta Corp said “It gives me immense pleasure to launch The Deltin World gaming festival. Our endeavor always has been to bring in international level entertainment and gaming for the connoisseurs in India and for gamers across the world. In the last decade, we have witnessed the rise of gaming in India and gamers from all walks of life have embraced it. In fact our online platform Adda52 is India’s largest online poker website with over 10 lakh registered users. Starting today we are launching a 360 degrees marketing campaign to spread the word on The Deltin World Gaming Festival”

Confirming his participation in WGF as a brand ambassador Actor Jackie Shroff noted the following in  a press statement, “I have always believed in living my life to the fullest, and thus I readily agreed to be the brand ambassador of a concept which lets people experiences a different world where they leave all their worries aside and enjoy the extravagance at The Deltin World Gaming Festival. It is a once in a lifetime opportunity for everyone and I don’t think anyone can afford to miss it. I can definitely say that the environment during this event will be at its best and the enthusiasm would be at its peak.”


Feature: Silver Heritage CEO Mike Bolsover discusses the prospects of the upcoming Tiger Palace Resort & Casino

Exclusive Silver Heritage Group, an Australian Securities Exchange listed hospitality company, is in the process of developing one of the largest Integrated Resorts in South Asia –  Tiger Palace Resort Bhairahawa.

Located in Bhairahawa in Southern Nepal near the India border, Tiger Palace is expected to open its hotel at the end of September and to commence gaming operations in November 2017, and is touted as a game-changer which will offer a unique five-star gaming and hospitality experience. The resort is nestled between two UNESCO Word Heritage Sites on the Terai close to the foothills of the Himalayas.

In this exclusive interview, Mike Bolsover, the CEO and Managing Director of Silver Heritage Group gives details about the project, its unique location and how it will change South Asia’s hospitality and entertainment sector.

Q. Nepal as a jurisdiction went through very tough times. In 2014, all casinos were shut down for non-payment of taxes and license (royalty) fees. The country also faced a devastating earthquake in 2015 and there has been political turmoil and multiple changes in governments in the recent past. Despite all this, why did Silver Heritage choose Nepal as the location for its Tiger Palace project?

Mike Bolsover (MB): The key driver of integrated resort earnings, certainly the casino and hospitality element, is proximity.

On its southern low-lying border (average elevation approximately 100 mts above sea level) Nepal has an proximate population of over 400 million citizens – those include inhabitants of Delhi, Uttar Pradesh, Bihar, and West Bengal. Domestic air travel within India brings the other 900 million citizens within a days’ reach too. There are no geographic barriers (such as rivers or mountains) and no travel restrictions for Indians (such as visas or travel permits).

The only place one can play casino table games in India is Goa (and to a certain extent in Sikkim). Goa is over 2,000km from Tiger Palace Resort Bhairahawa, and even more so from Kathmandu. Our resort is closer to Delhi and Kolkata too for example (than Goa) and certainly closer to Thailand and China.

Major drivers of tourism are unique propositions and access and infrastructure including airlift. We have all three in Bhairahawa with fantastic roads in India (golden quadrilateral and East-West highway), a domestic airport 15 minutes drive away which will become Nepal’s 2nd international airport in less than 12 months time, and unique propositions in Lumbini – the birthplace of lord Buddha and a UNESCO world heritage site only 30 mins drive away, and Everest of course to the North. Furthermore Chitwan with its tigers and elephant and rhino is just 140 km from the resort to the East.

So if you want a large proximate market, and a fantastic pre-existing tourism proposition, then where better in the world than Nepal?

Silver Heritage have been in Nepal since 2011, and I myself first travelled to Nepal in 2003 to go trekking, a trip when I had the misfortune of being stuck in the Upper Mustang section of the Annapurna Circuit to the North of Pokhara, in Jomsom. There was some fighting between the Maoists and the Nepal Police at the time and the roads were blocked. We were assisted by our now local partner and my good friend Rajendra Bajgain as he was able to source an army helicopter to take us from Jomsom to Pokhara, flying over the skirmishes, and off to Kathmandu. That was almost 15 years ago.

The country has moved on significantly since then, much like Sri Lanka post the Tamil Tigers conflict, and it is very much a functioning multi-party democracy in Nepal at present with Nepali Congress, UPN-UML, and the Maoists effectively sharing the leadership since the new Constitution in 2015. As was agreed at the Nepal Investment Summit in March 2017, whilst single party stability is not guaranteed, predictability of Government change is.  And so with a long history in Nepal we feel that we can navigate the nuances of the Nepali political situation. It may frustrate business from time to time but it certainly doesn’t prevent it.

At their invitation, we were able to assist the government in its desire to develop a framework to properly regulate the casino industry, an industry which has been present in Nepal for over 50 years, and to attract foreign direct investment. The new regulations, known as the Casino Rules 2070, was published in the Gazette in July 2013. Eventually (in early 2014) the government was able to close all the existing casinos and “re-set” the industry with a view to long term sustainable growth of the casino, tourism, and integrated resort industry in Nepal, and as part of that process they closed all existing casinos pending settlement of their back-taxes and royalties.

Silver Heritage was the first company to apply for and be awarded a casino licence under the new regulations. This was in February 2015, when we opened The Millionaire’s Club and Casino at the 5-star Shangri-La Hotel in Lazimpat, Kathmandu. Over the course of 2015, two other operators opened casinos at 5-star hotels in the capital.

Q. How have the Nepalese politicians, bureaucrats and people in general reacted to the Tiger Palace project? Are they excited or is there some opposition to the idea of casinos?

MB: They are very supportive because we have set a new standard and we are the first group to build an large scale hotel resort facility in which to house a casino. The US$51.8m we are spending is also the largest foreign investment in the tourism industry at present. We will soon employ well over 1,000 Nepalis which will put us in the top tier of employers in the country, and our business in the Shangri-La has to date paid almost US$2 million in taxes and fees to the Government of Nepal (casino royalties, licence fees and income tax).

Q. Can you give some more clarity on the licensing conditions for the casino – time period of validity, recurring and non-recurring fees? Also could you throw some colour on the tax rate for the casino revenues?

MB: The Casino Rules 2070 state that casino royalties (gaming taxes) of US$400,000 are payable per annum, and license fees are US$100,000 per annum (US$200,000 in year one) per property. Corporate tax is 25% but there are a series of incentives which make the effective tax rate much lower.

Q. The fact that Tiger Palace is located so close to the India border indicates that the North & East India audience will be the real market for the resort. Given this, why not start a project in Nepal instead of India? Are you looking at opportunities in India?

MB: We are in Nepal. Foreign companies are not allowed to own equity in Indian casino ventures. We also expect international visitors from China, Korea, and the rest of Asia as we are situated in such a fantastic location with unique tourist experiences.

The opening of the International facilities including customs and immigration at Gautam Buddha airport in Bhairahawa, just 15 minutes from the resort by 2018 would mean that we can soon draw customers from further afield who could access our property and the rest of Nepal from the country’s second international airport at Bhairahawa. This is a long-term play and is an internationally accessible destination resort.

Q. About the project, could you give a few more details about Tiger Palace Resort for our readers. Also please give some insights on the casino and the games and facilities that it will have.

MB: We have a vision to transform South Asia’s entertainment landscape. Tiger Palace Resort will be an exhilarating, heart-stopping wholesome entertainment destination unlike anything the Indian consumer has seen before. A place to let loose, escape the everyday and live for the moment, it perfectly combines international flair with local sensibility to create a truly dynamic, engaging experience.

Our target audience is businessmen, bachelors, group of friends, families and young corporates who enjoy the good things in life and like to have fun. They seek a more exciting and higher quality entertainment options. One that is accessible yet aspirational; that speaks to their desire for a better lifestyle and international experiences.  Value driven, they look for quality, reliability and unique offerings. They like to express themselves and want to be entertained at all times. Our tagline? “Dare To Go Wild”.

The hotel and hospitality area opens first and includes 100 rooms and suites and 2 villas in phase 1, in addition to 6 separate food and beverage options, a large swimming pool, children’s arcade, gym, spa, sports facilities, wedding & banqueting facilities, and first class MICE (meetings incentives conventions exhibitions) facilities.

The casino will open with 52 tables, featuring a mix of roulette, baccarat, poker and other South Asian games, and 200 slot machines in phase one. These will be offered in separate mass, premium mass, and VIP areas.

Additional rooms are planned for phase 2, together with new casino floor space depending on demand.

We already own the areas within the property which would be able to accommodate additional phases.

Q. Recent updates suggest that the hotel rooms and other facilities will open by September-end and the casino by November. Are you still on-course for the target or has there been any revision?

MB: Yes we remain on course, in fact some of the hotel rooms have already been turned over to the operations team by the development team for final preparations.

Q. What are the revenue and growth projections for Silver Heritage from Tiger Palace Resort?

MB: We expect to generate very competitive returns relative to our peers.

Q.Finally, can you throw some light on Silver Heritage’s future expansion plans and strategy? Are you looking to expand into newer geographies?

MB: For now we have presence and focus only in Nepal and Vietnam.