First Business News Portal in English from Nepal
KATHMANDU: A conglomerate of investors, led by Himalayan Tiger Investment, has successfully settled the outstanding dues of the newly acquired Tiger Palace, marking a positive turn for the casino.
The Tiger Palace, now under the ownership of a non-residential Nepali group, faced financial challenges before the intervention of the investor consortium.
Buddhi Subedi, Chairman of Himalayan Tiger Investment, shared optimistic news about the resolution of the casino’s financial obligations.
“The entire outstanding dues of the casino have been cleared, and we are set to resume casino operations starting from February 14,” said Subedi.
The change in ownership occurred in July when the non-residential Nepali group, Himalayan Tiger Investment, stepped in to take control of Tiger Palace amidst financial turmoil in its previous management, Silver Heritage.
Since the consortium, led by Subedi, assumed control of Tiger Palace, there has been a noticeable upward trend in the number of Indian tourists visiting the establishment.
“We have been strategically focusing on marketing efforts in India since taking over the management. With the resumption of casino operations, we anticipate a further increase in the influx of Indian tourists,” Subedi commented, expressing confidence in the positive trajectory of Tiger Palace under the new ownership.
The resolution of financial issues and the commitment to reopening the casino reflect a renewed sense of stability for Tiger Palace, signaling a positive development for the gaming and hospitality industry in the region. As operations are set to resume, stakeholders are optimistic about the economic contributions and tourism boost the casino may bring to the area.
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