Asia

Silver Heritage negotiates a $5.2m settlement over Vietnam casino

Published

6 years ago

March 21, 2019

Niji Narayan

Silver Heritage negotiates a $5.2m settlement over Vietnam casino

Photo Source: agbrief.com

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Australia-based Silver Heritage Group has successfully completed the negotiation of a $5.2m settlement with the owner of the Phoenix International Club in Vietnam. The company had to go for settlement after its recent closure owing to complications with its investment certificate.

The settlement will be paid in two instalments and represents about two years of expected EBITDA contributions from Phoenix. Silver Heritage expects to record a loss on disposal of about $1.2m, related to the remaining unamortised value of the entertainment services agreement with the club, the transfer of assets and shutdown costs.

Silver Heritage said it views the settlement as “generally favourable,” given the recent underperformance of the club and the uncertainty regarding its Investment certificate and whether it will be amended to allow table games.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.