Silver Heritage negotiates a .2m settlement over Vietnam casino
Reading Time: 1 minute
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.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Silver Heritage negotiates a .2m settlement over Vietnam casino…
The post Silver Heritage negotiates a $5.2m settlement over Vietnam casino appeared first on Eastern European Gaming – News – Interviews – Legal Market Updates – Premium Reports – Events – Directory.
Source: Eastern European Gaming
