Silver Heritage Ltd begin”Cost Reduction Strategies”

According to the company’s latest filings Silver Heritage Limited has begun a “cost reduction strategy” Its casino and hotel operations are “set to reopen as soon as the terms and conditions permit,” according to the report.

Silver Heritage owns and operates the Tiger Palace Resort Bhairahwa on Nepal’s border with India which was launched in November 2017. Its Hong Kong-based firm also operates the Millionaire Club and Casino in Nepal’s capital Kathmandu. Both operations came to a complete stop on March 21 as part of measures to prevent the COVID-19 epidemic.

The group has struggled with various troubles in recent years, including the closure of its Vietnam casino operations, numerous resignations from its board of directors, irregularities, disputes with its Nepalese partner and suspension of trading on the Australian Stock Exchange.

At the end of February, the latest company report a 6.3% increase over 2019, to $ 2.22 million. Adjusted income before interest, taxation, depreciation and amortization (EBITDA), however, resulted in a loss of $ 2,000.