Silver Heritage Group, the Australian-listed gaming investor, has announced that it has entered into voluntary administration as of today, May 18 due to the ‘emergence of COVID-19’.
Having looked at selling some of its assets, the operator of Palace Resort Bhairahawa in Nepal and The Millionaire’s Club in Kathmandu has appointed KPMG as administrator, months after the group was given extra funding by its lender, OCP Asia.
A statement from Silver Heritage read: “The company had been exploring options to generate liquidity and prior to the emergence of COVID-19 had received expressions of interest from several parties in respect of possible transactions.
“However, as a result of the emergence of COVID-19 and the forced temporary closure of the company’s facilities in Nepal, the timing in relation to consummating one of the transactions has become uncertain.
“The Board of Directors regret that these events have come to pass and acknowledge all the Group’s employees for their hard work and contribution.”
This follows Silver Heritage recently claiming it had initiated cost reduction strategies in an attempt to mitigate the impact of COVID-19, despite recording a rise in sales revenues at the end of February of this year.
The company suffered a major setback in March 2019 when casino operations at the Phoenix International Club in Vietnam were shut down following amendments to the property’s Investment Certificate which no longer allowed for the operations of gaming tables.
Silver Heritage Group boasts a total of 76 live gaming tables and 250 electronic gaming machines whilst employing over 1,000 people, according to its website.