Silver Heritage casino in Vietnam shuts down

A casino in Phoenix International Club in Hanoi, Vietnam, operated by the Australia-based Silver Heritage Group, has wound up its operations. The closure is due to the club management’s abrupt decision to exclude the casino operations from its services.

Silver Heritage said in a filing to the Australian Securities Exchange: “The company received notice from the general manager of Phoenix that table games are no longer included in its revised investment certificate and hence not permitted to be operated on the property, and that the casino will close for an indefinite period.”

“The board is conducting a review of the legal basis on which the notice was issued, the company’s rights and obligations under the entertainment services agreement between the company and the owner of Phoenix, and the impact… on the company,” the filing continues.

The company recently reported it had “discovered accounting irregularities” in its operations in Nepal. “Limited investigations to date indicate the issue relates to the accounting treatment and specifically the method used to change the treatment of a previously written off amount in an attempt to re-classify the expense at a local subsidiary level,” they said.