The Australian-listed company operates Tiger Palace Resort Bairahawa, a casino resort in Nepal that borders the Indian state of Uttar Pradesh. India is the main target market in terms of casino players at Tiger Palace Resort.
The company also runs a gaming business at a hotel in Nepal's capital, Kathmandu. It also has business in Vietnam.
The Kathmandu Post newspaper reported on Tuesday that Nepal's cabinet had decided to issue a notice banning the import of Indian rupee notes worth more than 100 yuan (about $1.4) into the country.
Currently, the use of the INR500 banknotes has not been approved for financial transactions in Nepal. However, according to the outlet, such banknotes are widely accepted, especially in border cities, hotels, and casinos.
The Kathmandu Post quoted Vasanta Raj Mishra, executive chairman of Nepal-based hospitality group Temple Tiger Group of Company, as saying the Cabinet's decision "has been particularly disruptive to cash-driven industries such as tourism."
The entrepreneur added that he expects the decision to hit Nepal's "casino industry, hotels and restaurants" in particular.
In comments to GGRAsia, Mike Bolover, managing director and CEO of Silver Heritage, downplayed the negative impact of the cabinet decision on the company's operations. He said restrictions on the use of high-value banknotes existed "for a long time" in Nepal.
"Nepal rupee and Indian rupee are fixed ... So there is a good framework for foreign exchange between the two countries for trade and tourism," Mr Bolover said, adding that "there will be no additional negative impacts" on Silver Heritage.
Mr Bolover added that Bayraho Airport, which currently operates only domestic flights, could soon diversify its customers once it is upgraded to receive international flights in mid-2019, and Silver Heritage is less reliant on Indian customers.
"The new international airport is going really well now, and we're expecting a significant increase in Chinese visitors as well as Thailand, Vietnam and other Asian countries," said Mr. Bolover. The Tiger Palace resort is located about a 15-minute drive from the airport.
The CEO of Silver Heritage said he had recently received confirmation from the Nepalese government that construction to upgrade Byra and airports would be completed by July 2019, with international flights scheduled to begin in September.
BY: 슬롯사이트 순위
