Starting this morning, the Phoenix International Club will cease all casino activity. The property is located in the Hanoi area of Vietnam and is operated by the Silver Heritage Group, a listed on the Australian Stock Exchange gambling companies.
Revised investment certificate:
According to a report to the Australian Securities Exchange, the Silver Heritage Group received a notice from Phoenix General Manager stating that table games are not included in a revised investment certificate. For this reason, the games must not be operated on site. The casino has closed indefinitely.
The application also reported that the Phoenix Casino stake represented 45% of the unaudited revenue of the Silver Heritage Group for the year ended December 31, 2018. The company’s executive board is currently reviewing when the announcement was published. The review will include the Company’s rights and obligations with respect to an Entertainment Services Agreement in which the Phoenix and Silver Heritage Owners are involved.
Under budget expectations:
The Silver Heritage had previously characterized the property in Hanoi for revenue from casino games below the expected budget. Already in January, the company told the stock market that the trading performance of the Phoenix casino in the fourth quarter continued to give and have transferred to the first month of the new year.
At that time, Heritage has reportedly renegotiated the agreement with the Phoenix and made changes, and expects the result to improve over the next few months.