• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 11 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Former Silver Heritage entity seeking clarity over unpaid Nepal casino taxes

Ben Blaschke by Ben Blaschke
Tue 18 Jan 2022 at 04:59
Silver Heritage in “advanced discussions” over capital raising options

Tiger Palace Resort, Nepal

31
SHARES
777
VIEWS
Print Friendly, PDF & Email

The CEO of Nepal casino operator SHL Management Pvt Ltd says the company is currently seeking government clarity over reports it owes Rs 130 million (US$1.1 million) in unpaid taxes but has denied suggestions it has been illegally operating its casinos without permission.

According to local media reports, Mike Bolsover was barred from boarding a scheduled flight out of the country on Sunday due to the company failing to pay its taxes on casino operations at its two Nepal casinos – Tiger Palace Resort Bhairahawa and The Millionaire’s Club & Casino in Kathmandu.

Speaking with Inside Asian Gaming on Monday, Bolsover denied he was barred from leaving the country and expected to board another flight Monday night but said SHL Management Pvt Ltd was currently seeking clarity over any royalties owed due to the absence of any specific casino law.

He also denied that either casino had been operational at any time since the start of the COVID-19 pandemic.

“We have not, contrary to the reports, operated any casino this year, nor last year in fact, since we were forced-closed as all other casinos in Nepal were, in March 2020 as a result of the COVID pandemic,” he told IAG.

It is reported that the government has collected around Rs 400 million (US$3.4 million) in taxes from eight casinos since granting permission for the industry to resume in October 2021. The hotel at Tiger Palace re-opened last March.

The casino operator, previously under the purview of Australian-listed Silver Heritage Group, has been exploring options around the future of its Nepal assets ever since the listed firm went into voluntary administration in mid-2020. Silver Heritage was later acquired by HatchAsia Inc – a subsidiary of Philippines technology firm DFNN Inc – before being delisted last year.

Silver Heritage has faced a series of hurdles over the years, including lengthy delays to the launch of Tiger Palace in December 2017 which blew the budget out by around US$12 million.

The company then suffered a crippling blow in March 2019 when casino operations at Phoenix International Club in Vietnam, where Silver Heritage provided gaming management services, were shut down due to amendments to the property’s Investment Certificate which no longer allowed for the operation of gaming tables.

Phoenix had accounted for around 45% of the company’s group-wide revenue in 2018.

RelatedPosts

Inside Thai IRs

Thailand to postpone parliamentary debate on casino bill

Tue 8 Apr 2025 at 18:57
NagaWorld

GGR at Cambodia’s NagaWorld up 17.7% to US$171 million in 1Q25

Tue 8 Apr 2025 at 06:29
Grand Korea Leisure’s casino revenue jumps almost 28% in March

Grand Korea Leisure’s casino revenue jumps almost 28% in March

Thu 3 Apr 2025 at 13:16
Korea’s Paradise Co suspends Seoul casino operations as national COVID cases grow

Korea’s Paradise Co reports 15% sequential increase in casino revenues to US$55 million in March

Wed 2 Apr 2025 at 18:28
Load More
Tags: casinoMike BolsoverNepalSHL Management Pvt LtdSilver Heritage GrouptaxesTiger Palace Resort Bhairahawa
Share12Share2
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – The real reason Philippines casino revenues are down

Editorial – The real reason Philippines casino revenues are down

by Ben Blaschke
Sun 30 Mar 2025 at 23:04

After enjoying a post-COVID surge in gaming revenues at its licensed casinos, the Philippines has hit a rocky patch. In...

Inside Thai IRs

Inside Thai IRs

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:59

No time to read this whole article? Here are the bullet points! With passage of Thailand’s Entertainment Complex Bill through...

Resorts World Las Vegas – Lighting up the north

Resorts World Las Vegas – Lighting up the north

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:52

Inside Asian Gaming recently visited Genting’s American icon Resorts World Las Vegas to take a closer look at a property...

A baccarat perspective

A baccarat perspective

by Ryan Hong-Wai Ho
Sun 30 Mar 2025 at 22:37

In the first of a two-part series, Ryan Ho explores how gaming innovations and market changes have shaped the prominence...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

by Newsdesk
Wed 9 Apr 2025 at 06:16

Star Entertainment Group confirmed Monday it had entered into a binding term sheet with US casino operator Bally’s Corp to take control of the company as part of a US$300 million (US$180 million) deal. The term sheet, comprising a multi-tranche...

China-owned contractor of Chow Tai Fook’s Baha Mar ordered to pay US$1.6 billion to original owner for “many acts of fraud”

New York appellate court dismisses China Construction America’s appeal in US$1.6 billion Baha Mar fraud case

by Ben Blaschke
Wed 9 Apr 2025 at 05:59

A New York court has dismissed an appeal by China Construction America, Inc (CCA) against a Supreme Court ruling in October requiring it to pay US$1.6 billion to the original owner of Bahamas casino resort Baha Mar for committing “many acts...

Trade union warns massively increased casino pokies tax in NSW will cost jobs

Pub baron Bruce Mathieson agrees additional AU$100 million Star investment, reduces Bally’s contribution to AU$200 million

by Ben Blaschke
Wed 9 Apr 2025 at 05:40

Star Entertainment Group’s largest individual shareholder Investment Holdings Pty Ltd has entered into a binding term sheet with US casino operator Bally’s Corp that will see it subscribe for AU$100 million (US$60 million) in convertible bonds, reducing in the process...

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

by Newsdesk
Wed 9 Apr 2025 at 05:35

Genting Group’s US flagship Resorts World Las Vegas (RWLV) has announced the appointment of casino industry veteran Greg Shulman as Executive Vice President of International Marketing. Continuing the property’s recent management overhaul, RWLV said Shulman will lead its international casino...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English