However, the casinos were forced to close due to the pandemic outbreak on 20 March. While the decision is in line with the country’s regulations and safety measures, the company announced it expects the shutdown to have a “significantly adverse impact on the group’s results in the medium to short term”.
The company said the first quarter of 2020 also brought $2.57 million in revenue, a 41.5% fall compared to the previous year. Net cash from operating activities also decreased, earning $1.68 million, which amounts to an 11.4% decline compared to the first three months of 2019.
The temporary shutdown hinders the company’s plans for expansion as well after the group secured a $1 million loan in January. However, plans have been halted for now and there’s no immediate plan on when Nepal’s casinos will be allowed to resume operations.
