Published
Land-BasedFinancial

Silver Heritage asks to halt trading after $9.9m loss

Silver Heritage Group has requested a trading halt from the Australian Securities Exchange (ASX), as the operator's half-year $9.9m loss left its liabilities exceeding its current assets by $8.8m.

silverheritagefinancial

The trading halt was requested by the integrated resort operator, pending the “release of an announcement," with normal trading set to resume on Wednesday or when the announcement is made.

Along with the trading halt, the company also announced its half-year results.

Revenues from ordinary activities increased by 40% to $11.3m, with the Tiger Palace Resort commencing operations part-explaining the rise.

However, the increased revenue was unable to prevent the half-year loss, as “additional costs and depreciation associated with Tiger Palace Resort commencing operations” took their toll.

Losses were exacerbated by a $1.2m impairment of assets, caused by unused Inspired Gaming Group and Betstone EGM software licences.

An independent auditor’s review, undertaken by Grant Thornton, said: “The group incurred a net loss of $9,938,000 during the half year ended 30 June 2018 and, as of that date, the group's current liabilities exceeded its current assets by $8,842,000.

“A material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern.”

Silver Heritage claims to be resolving the situation by “raising capital, although it is still finalising the details of how that will be achieved."

Directors of the company remain confident that they will raise the required capital as a result of discussions with bondholders.

In a note regarding its financial statements, Silver Heritage said: “The Directors believe that the group will be able to continue as a going concern.”

Premium+ Connections
Premium

Revsharks

 
Premium

1xBet Partners

 
Premium

Sport Generate

 
 
Premium

RISK

 
Premium

Lynon

 
Premium

Galaxsys

 
Premium

Imagine Live

 
Premium

GammaStack

 
Premium

Digitain

 
Premium

PIN-UP Partners

 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
Zeal Network SE

Stefan Tweraser

VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...