Silver Heritage Vietnam Casino Biz Still Vulnerable

The Australian operator of Asian Casino Silver Heritage Group said there had been more than $1.47 million in net cash outflows from operations in the fourth quarter of last year, with such outflows reaching nearly $4.85 million in all operations in 2018.

The operating update submitted to the Australian Stock Exchange on Thursday gave no comparative figures.

Weak trading performance at Phoenix International Club (pictured) Casino near Hanoi, Vietnam, continued in the fourth quarter and continued this month, it told the exchange.

Silver Heritage said: “The Company has commenced discussions with the owner and, as a result of these discussions, renegotiated and amended the agreement with Phoenix in light of increased competition and other factors.”

The company said it had reduced its share of gaming gross revenue (GGR) to 30% in exchange for “significantly reduced” fixed cost contributions to Phoenix International Club operations.

“The company now focuses on this reduction in fixed costs and the decline in properties and expects earnings to improve in the coming months,” it said, referring to the number of customers paying for properties and later.

Silver Heritage said facilities operated by millionaire clubs and casinos in Nepal, Kathmandu and Kathmandu “continue to perform ahead of budget, and so far January has been a record in terms of declines and GGRs in the month of January since opening.”

The company said Tiger Palace Resort, on the border between Nepal and India, has made many strategic changes to its marketing and operations with its own properties developed and operated.

December and January are constantly improving, the second and third highest months since the casino opened on Dec. 28, 2018, respectively. The board and management are focused on further improvements to support growth, including the opening of a new marketing initiative and three VIP gaming rooms in February 2019 to generate additional revenue for the property

Silver Heritage told the stock exchange: “The company continues to engage in discussions with potential strategic and industrial partners to unleash capital from its asset base and increase shareholder value.”

The company noted in a business update filed late last year that it was exploring the possibility of, among other things, selling some of its land.

BY: 파워볼실시간

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