Successful this morning, the Phoenix International Club will cease all casino operations. The property is located in Vietnam in the area of Hanoi, managed from the Silver Heritage Group, an Australian-listed gaming firm.
Revised Investment Certificate:
According to a filing with the Australian Securities Exchange, the Silver Heritage Group received a note from the Phoenix general director, stating that table games aren’t included in a revised investment certificate. Because of this, the games aren’t allowed to be operated on-site. The casino has closed for an indefinite time frame.
The filing also reported that the Phoenix casino part involved 45% of their non-audited earnings of the Silver Heritage Group for the year ending on December 31st, 2018. The organization ’s board is presently finishing a review of when the note was issued. Included in the review will be the rights and obligations of the organization regarding an agreement for amusement services involving the owner of the Phoenix and Silver Heritage.
The Silver Heritage had flagged the property in Hanoi previously due to revenues from casino gaming being less than anticipated budget wise. Back in January, the firm advised the trade that the trading operation weakness of the Phoenix casino had continued to happen through the fourth quarter and was carrying over into the first month of the New Year.
At that time, Heritage reportedly renegotiated their agreement involved the Phoenix in addition to made alterations, and anticipated the earnings to increase in the next few months.
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