Boutique Asian casino operator Silver Heritage Group said it had launched a “cost-cutting strategy” as casino and hotel operations in Nepal remained “closed.” The company did not provide details on cost-cutting measures, but said it was “ready to reopen as soon as regulations and conditions allow,” according to a filing on Thursday.

Silver Heritage owns and operates Tiger Palace Resort Bairahawa, a casino property on the border between Nepal and India. The group also runs games at Millionaire’s Club and Casino in Nepal’s capital, Kathmandu.

The company suspended casino operations in Nepal on March 23 and hotels the next day. The move was part of an effort to curb the further spread of the COVID-19 pandemic in Nepal.

In its latest filing, Silver Heritage said the group’s operations in Nepal rose 6.3% to $2.22 million in revenue through the end of February compared to the first two months of 2019. Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) for the period lost $2,000 compared to a negative EBITDA of $73,000 for the same period a year earlier.

In a separate filing specifying cash flow for the first quarter of 2020, Silver Heritage said revenue fell 41.5% year over year to $2.57 million in the first quarter of 2020. Net cash from operating activities was $1.68 million, down 11.4% from the first three months of 2019.

Silver Heritage said it had secured loans worth US$1 million from multiple bondholders in January. The money, offered under multiple terms, would be used as working capital, the company previously said.

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