Kathmandu: Tiger Palace by Soaltee recorded a trade of Rs 422 million in the last fiscal year. The company, which had a revenue of Rs 238 million in 2024, nearly doubled its earnings.
The company, operated by Tiger One Pvt Ltd and established in 2014, had a trade of Rs 129 million, Rs 76 million in 2022, and Rs 16 million in 2021.
Located in Bhairahawa, Rupandehi, the five-star Tiger Palace Resort underwent rebranding to Tiger Palace by Soaltee about 10 months before its establishment in 2017. With Soaltee taking over management, Tiger Palace’s business saw significant growth.
The five-star casino resort, spread over seven hectares, offers 102 rooms.
Wholly owned by Silver Heritage Investment Pvt Ltd, the company has obtained a credit rating of Rs 2.49 billion for long-term and short-term loans. Of this, Rs 2.21 billion is for long-term loans and Rs 280 million for short-term loans.
COVID-19 pandemic severely impacted the hotel’s business, creating high repayment pressure on bank loans. While business has gradually rebounded, the casino remained shut until mid-2024, which further hurt revenue.
Even after the pandemic, the hotel has struggled with weak performance compared to pre-COVID levels. ICRA reported that the company has been unable to repay loans on time due to limited business, often delaying payments by more than 30 days.
The hotel, which had been operating at a loss since 2021, returned to operating profit last year, achieving a profit margin of 52.8 percent.
However, with loans amounting to around Rs 2.4 billion, the hotel’s Debt Service Coverage Ratio (DSCR) stands at only 0.9. This means its operating profit remains lower than its monthly loan installments. Generally, a DSCR above 2 is considered healthy.
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