Delta Corp. shows 18.7% income rise in 1st quarter of 2019
Delta Corporation, India’s only gaming and hospitality company that’s listed on the market, recently saw its income surge by an 18.7% year-on-year (YoY) in 1Q 2019 (1st quarter of 2019) to INR 213.53 Crores ($32.4 million) till 31st March 2019.
The bulk of the profits in the YoY comparison come from the casino business the company is involved in. This business itself saw a rise of 21.1% YoY to 198.13 Crores, almost 93% of the total revenue earned. Delta Corp’s shares were subsequently traded in negative (NSE: -1.9%) today after it released these figures.
Delta’s casino business is a major revenue earner for the company, having 3 off-shore casinos and 1 hotel-casino in operation just in Goa. They also own and operate Casino Deltin Denzong in Sikkim, where the 2019 DPT Xpress took place recently. They also have a presence in the western coast apart from Goa, in Daman where they own the Deltin Integrated Resort.
Grant Govertsen, co-founder of Union Gaming and MD of Asia Equity Research Macau, noted, “Beyond strong tourism growth to Goa (management noted footfalls up 40% year-on-year in March), the gaming operations segment will see incremental revenue commencing later this month with the launch of a traditional cruise line (Delta is a 25% shareholder) on which Delta will manage the casino and capture virtually all of the economics. This is likely to grow to management of up to four cruise ships over the next two years.”
Govertsen observed that the company continues to showcase a strong growth trajectory, and the launch of a cruise line and the looming development of moving its casinos on-shore (a state government's initiative), are some of the factors keeping the company afloat. The company signed an agreement to acquire Essel Group’s Jalesh Cruises Mauritius for $10 million recently. They also invested in HalaPlay, a fantasy sports venture, and are hoping to accumulate revenue from that as well.
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