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Nepal – Silver Heritage Director resigns following resort delays

By - 13 March 2017

Silver Heritage Group, the operator of casinos in Vietnam and Nepal, has confirmed that Hugh Holmes has resigned from his position of Executive Director for special projects at Silver Heritage.

Mr. Holmes has ‘ceased involvement in the development of the company’s $40m Nepal resort project, Tiger Palace Resort Bhairahawa,’ according to a statement made to the ASX.

Responsibility for the execution of the final stage completion of the Tiger Palace Resort Bhairahawa will be taken up by a dedicated project management team headed by Adam Titus, who has agreed to assume the role of Project Director. Mr. Holmes has agreed to remain on board for transitional arrangements to Mr. Titus.

Mr. Titus has over 30 years’ experience in design, development, and construction, opening more than 10 gaming and hotel developments in Asia and globally, most recently working with MGM Macau and Okada Resorts in Manila, Philippines. He has a demonstrated track record in ensuring the successful completion and opening of quality resorts.

Silver Heritage Managing Director & CEO Mike Bolsover said: “Adam’s project management experience in opening mixed use developments and integrated resorts will be critical in ensuring that Silver Heritage delivers a world class product in Nepal aimed at satisfying the strong consumption demands of the rapidly growing Indian middle class”.

Mr. Titus will be supported in pre-opening planning and execution and the handover to operations by the Resort Manager Mr. Enrico Dovadola who has himself been involved in more than 6 casino resort openings in Asia-Pacific, most recently with Galaxy Macau and MGM Macau. Mr. Titus will report to Mr. Bolsover and the Board of Silver Heritage. Tiger Palace Resort Bhairahawa is Silver Heritage’s resort development located just 15 minutes drive from the airport at Bhairahawa, Nepal, and 20 minutes drive from the Nepal-India border. It is situated between two UNESCO world heritage sites at Chitwan and Lumbini, and is aimed at providing world-class entertainment facilities to Indian and For personal use only South Asian consumers.

Silver Heritage was granted a temporary suspension of its stock trading by the ASX on February 27, after announcing earlier in the month that the opening of its new 26,597 square foot Nepal casino had encountered ‘temporary unexpected delays.’

Tiger Palace Resort will offer 200 slots and 52 table games, as well as six food and beverage outlets, a pool and spa service, as well as wedding, tennis and gym facilities, conference hall, meeting rooms, and shops.

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