August 17: Tiger Palace Resort in Tilottama Municipality of Rupandehi is now going to be operated by Himalayan Tiger Investment Inc, which is owned by Non-Resident Nepalis (NRNs). The company has acquired Tiger Palace Resort from Australian holding company Silver Heritage Group Limited at a cost of Rs 2 billion.

Organizing a press conference in the capital on Wednesday, the company said that Tiger Palace resort will now be operated under a new management.

Earlier, Tiger Palace Resort was being operated by the Australian company Silver Heritage Group Limited. The Australian company has invested almost Rs 10 billion in Nepal to run this resort and casino business. Around 1000 Nepalis are directly employed in the resort and the casino operated by the resort.

Buddhisagar Subedi, president of Himalayan Tiger Investment Inc, said that this resort was not fully operational due to internal dispute and the impact of the Covid-19 pandemic. According to Subedi, the resort was bearing losses worth million since the last few years.

“The closure of this resort would have given a wrong message that there is not environment for foreign investment in Nepal. Therefore, we decided to take over this resort,” said Subedi.

The ownership of Tiger Palace Resort has been transferred to Himalayan Tiger Investment Inc as all the shares of the Australian company have been purchased by Himalayan Tiger Investment Inc. Subedi said that it will require additional investment of Rs 4 billion to fully operate this resort.

“Now we are going to operate the Tiger Palace Resort with new management. We Nepalis who have gone abroad have bought the resort realizing our responsibility towards our homeland,” said Subedi.