ilver Heritage Group announced two weeks ago that it will start casino operations at the Tiger Palace Resort after its subsidiary has been issued a license by the Ministry of Culture, Tourism and Civil Aviation of Nepal.
The company 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 approximately USD 194,000, and the casino royalty fee of USD 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 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 31 December 2017.
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.
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.”