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Indian gaming and hospitality firm Delta Corp Limited has reportedly announced that it has been granted provisional approval to build and operate a new land-based integrated casino resort in the small state of Goa.
Delta Corp said in the press note on Thursday after market hours that its subsidiary in Nepal has been issued a licence for operating a casino in the country. Beat The Street Blogs: DMat Account with Us to get more benefits:Zerodha: https://zerodha.com/open-account?c=ZMPF. Delta Corp said the casinos operated by the company and its subsidiaries in Goa will remain closed until 31 March, 2020, and will be reviewed thereafter for further course of action.
According to a report from Inside Asian Gaming, the Bombay-listed operator is already responsible for a trio of Goan riverboat casinos encompassing the Deltin Jaqk, Deltin Royale and Deltin Caravela vessels. The source detailed that the conditional consent from the Goa Investment Promotion and Facilitation Board will allow the firm to begin plans to construct a Las Vegas-style venue in the former Portuguese enclave featuring multiple hotels as well as a slots-only casino, convention center, cinema, water park and retail outlets.
Casino company and Jhunjhunwala portfolio firm Delta Corp delivered a flat quarter performance in Q3, with revenue showing a small decline YoY of 0.33% in revenues, and net profit growth YoY of 9.04%. QoQ net profit growth for the company was also in decline, falling 6.7%. Delta Corp was recently granted a licence to develop a land-based casino at its Deltin Suites hotel in Goa, marking the company’s first move into onshore gaming in Goa. Delta, who currently operates two floating casinos in Goa; the Deltin Royale and Deltin Jack, said the casino would be built alongside its five-star, 106-room hotel.
Coming concept:
Delta Corp Limited also runs the land-based Deltin Denzong Casino facility in the northeastern Indian state of Sikkim and reportedly revealed that it is hoping to site its new development near to the banks of the Terekhol River in the northern Goa city of Pernem, which lies approximately 35 miles from Goa International Airport.
Reportedly read a statement from Delta Corp Limited…
“This integrated casino resort is expected to be one of its kind in the country. The project is expected to boost tourism, employment and infrastructure in the state of Goa.”
Gradual growth:
Delta Corp Limited furthermore reportedly runs the popular Adda52.com online poker and rummy domain after acquiring iGaming operator Gaussian Networks for around $22 million in 2016 and began this year by receiving official permission to bring a land-based casino to the Marriott Hotel in the Nepalese capital of Kathmandu. The operator moreover purportedly spent roughly $2.33 million in October so as up its in Goan footprint via the acquisition of a 45% stake in local shipbuilding a maintenance firm Waterways Shipyard Private Limited.
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Indian gaming and hospitality firm, Delta Corp Limited has reportedly announced the signing of a deal that is to see its Delta Pleasure Cruise Company subsidiary pay around $2.33 million for a 45% stake in Waterways Shipyard Private Limited.
According to a short Friday report from the Business Standard newspaper, the Bombay-listed operator is responsible for a trio of riverboat casinos in the small Indian state of Goa encompassing the Deltin Jaqk, Deltin Royale and Deltin Caravela vessels as well as the land-based Deltin Denzong Casino venue in Sikkim. The giant Asian nation’s only publicly-traded gambling provider purportedly also holds a substantial stake in local online daily fantasy sports firm Halaplay Technologies Private Limited and declared that its most recent acquisition should be finalized by the end of the year subject to the ‘completion of customary conditions precedent and other terms of the transaction documents.’
Sizeable establishment:
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The newspaper reported that Waterways Shipyard Private Limited operates a shipbuilding and maintenance yard in the western Indian city of Udupi and has so far been responsible for constructing and launching over 60 vessels including the 4,280-ton Deltin Royale. The firm established in 1982 moreover purportedly owns a drydock in Goa where it can repair craft capable of carrying up to 3,000 tons of cargo.
Investor confidence:
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Waterways Shipyard Private Limited reportedly recorded gross turnover for its most recent financial year of approximately $1.29 million, which represented a decline of roughly 9.2% year-on-year, while the news is said to have sent the value of individual shares in Delta Corp Limited up by 1.56% to slightly above $1.49.
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Reportedly read a statement from Delta Corp Limited…
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“Given the significance of marine vessels to the company’s casino business, this investment is expected to bring strategic benefits and a long-term partner to support our vessel building and maintenance requirements.”