Silver Heritage initiates cost reduction measures

Australia-listed Silver Heritage Group said it has initiated cost reduction strategies in order to mitigate the impact of COVID-19, even though its February revenue was up year-on-year. 

On March 20, 2020, the group closed its casino operations at both Tiger Palace Resort Bhairahawa and The Millionaires Club & Casino Kathmandu following restrictions introduced by the government of Nepal.

Silver Heritage said its Nepal operations remain closed, but is ready to reopen as soon as regulations and conditions permit. 

As at the end of February 2020, the group’s Nepalese business had recorded sales revenue of US$2.2 million, up 6.3 percent from 2019. 

The closures, however, are expected to have a significant impact on the group’s results in the short to medium term, it said. 

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