Australia-listed casino operator Silver Heritage posted a US$4.58 million net loss, dragged by the delays in the construction of its casino project in Nepal.

One silver lining in the data provided by Silver Heritage in its regulatory filing on Wednesday is the fact that its annual loss is 14 percent lower than it has predicted during its initial public offering in August 2016.

It would be recalled that the casino operator had earlier anticipated a U$5.32 million annual loss for 2016 due to “the unexpected delays” in the completion of Tiger Palace Resort Bhairahawa.

Still, the losses that Silver Heritage incurred in 2016 is eight percent higher compared to an equivalent loss of US$4.24 million in the prior year.