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Business Gaming

Delta Corp, Pride Group Contribute Rs. 51 Lakhs each for Goa’s Fight Against COVID-19

Goa’s leading casino operators, Delta Corp (Deltin Group) and Pride Casino Group have contributed Rs. 51 lakhs each to the Goa Chief Minister’s Relief Fund to support the state government’s fight against COVID-19.

Delta Corp’s President-Operations Anil Malani and Pride Group’s Managing Director Shrinivas Nayak handed over cheques of Rs. 51 lakhs each to Chief Minister Pramod Sawant yesterday.

Both Malani and Nayak added that besides the contribution, both their groups are taking care of the medications, medical devices, food and ration supplies of around 7,000 employees of the casino industry in Goa as well as police personnel and other stranded persons in the state.

Nayak stressed that this is not the time for the casino industry to calculate the losses caused due to the shutdown of all casinos in the state and that it is important to provide all possible support the efforts of the state government.

He noted that the Pride Group will support the government even if a further shutdown of casinos is ordered, beyond the 21-day national lockdown period that is ending on 14th April, 2020, if it is required in the interest of public health.

He further added that the Pride Group has paid full salary to all its employees for the month of March 2020 and would try to continue to do so even if the shutdown period of the casino industry in the state is extended beyond 14th April.

Commenting on the COVID-19 situation in the state and Delta Corp’s humanitarian efforts, the company’s chairman, Jaydev Mody stated, “We, at Deltin, have pledged our support in Goa’s fight against the coronavirus disease. These are challenging times for all and many remain vulnerable to the COVID-19. Deltin Group believes in creating awareness amongst general public about the pandemic and providing humanitarian aid to the needy. We are all in this together and the need of the hour is to watch each other’s back. Also, I would personally like to thank everyone on the frontlines working to combat COVID-19.”

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Business

Delta Corp Approves Rs.125 Crore Share Buy-Back Plan

The Board of Directors of Delta Corp Limited has approved a plan to buy-back shares of the company as per a regulatory filing by the company.

As per the company’s update to the stock exchanges, the board of directors at the company meeting held on 28th March, 2020 approved a proposal to buy-back upto 1.25 crore shares of the company, representing 4.61% of the total paid-up capital of the company, at a price not exceeding Rs. 100 per share, through the open market route. As per the last close, the company was trading at Rs. 59.50 on the Bombay Stock Exchange (BSE).

The company has earmarked a total of upto Rs. 125 crores for the purpose of buy-back of shares and the promoters as well as persons in control of the company would not participate in the buyback scheme.

Delta Corp also indicated that it would utilise at least 50% of the total earmarked amount, i.e. at least Rs. 62.50 crores, for the buy-back. The company further announced that a Buy-Back Committee headed by Chairman Jaydev Mody would take all necessary actions and make appropriate announcements relating to the buy-back procedure.

The company has further stated that a public announcement with further details about the buy-back, including the opening and closing dates, would be communicated in due course.

Over the past one month, the company has seen a sharp fall in its stock price, mainly due to the impact of the Covid-19 virus as well as shutdown of all casinos ordered by the Goa and Sikkim government and the 21-day total lockdown announced by the Indian government.

Whilst all of Delta Corp’s offshore and land-based casinos are likely to remain shut at least until 15th April, 2020, the company has stated that the impact of the Coronavirus crisis on its revenues cannot be estimated at the moment.

Besides a buy-back plan to arrest the steep fall in share price of the company, Delta Corp had declared a Rs. 0.75 second interim dividend per equity share earlier this month.

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Gaming

Deltin Inaugurates Its First International Casino at Marriott Hotel in Kathmandu

Delta Corp Limited has expanded its presence beyond Indian borders by recently launching its first international casino at the Marriott Hotel in Kathmandu, Nepal. The casino has been launched as part of an agreement between the Deltin Group and Everest Hospitality and Hotel Pvt. Ltd. 

Delta Corp, through an announcement to the stock exchanges, last month stated that it had received a license to operate a casino at the Marriott Hotel in Kathmandu. 

As per the company, opening of a Deltin Casino in Kathmandu will boost the casino-tourism landscape in Nepal and contribute to Nepal government’s Visit Nepal Year 2020 program. ‘Visit Nepal Year 2020’ is a program in which the government and tourism ministry of Nepal has committed the year 2020 to the development of the tourism industry in the Himalayan nation.

The newly opened casino has employed about 250 locals as employees, who have been trained for six months to meet the casino’s standards of service, as reported by BW Hotelier. Through this venture, Deltin aims at raising the level of luxury gaming experience, hospitality and entertainment in Nepal.

Anil Malani, President and CEO of Deltin Group said, “We believe that compliance and ethics is an integral aspect to our business and so we are happy to join hands with Everest Hospitality and Hotel Pvt Ltd owners of the Marriott Hotel, as both our companies share common values professionalism and excellence in service; our shared values and parallel vision reassures that our business is in safe hands here in Nepal.”

Read more about Delta Corp.

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Business

Delta Corp Reports Flat Revenues, Lower EBIDTA, 9% jump in Net Profit

Listed online gaming and casino company Delta Corp Limited announced its results for the third quarter of financial year 2019-20.

The company declared that its consolidated net revenues for the period October-December 2019 was Rs. 205.13 crores, which was roughly the same as the revenues it earned for quarter three last year.

Delta’s EBIDTA however declined to Rs. 73.52 crores against Rs. 80.98 crores for the same quarter last year and Rs. 75.47 crores for the September 2019 quarter.

The company’s EBIDTA margin also fell sharply by 320 basis points from 41.7% for Q3 last year to 38.7% this year.

Despite the flattish revenues and reduction in margins, the company’s net profit increased by 9% year-on-year to Rs. 54.90 crores, largely on the back of increased other income and reduced corporate tax liability.

Delta’s wholly owned online gaming subsidiary, Adda52, reported total gross revenue of Rs. 40.29 crores for the quarter, against Rs. 37.05 crore for the same quarter last year, representing approximately 8% year-on-year increase.

Last week, the company had announced that its Nepal subsidiary, Deltin Nepal Private Limited had received a gaming license to operate a casino at the Marriott Hotel in Kathmandu, pursuant to a lease agreement signed with the hotel owners, Everest Hospitality and Hotels Private Limited. Delta Corp has expressed its intention to start casino operations in the five-star property shortly.

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Business Gaming

Delta Corp receives Nepal Casino License

Delta Corp Limited, India’s only listed casino and hospitality company has announced that its Nepal subsidiary has been issued a license for operating a casino in the Marriott resort in Kathmandu, Nepal.

The company through a regulatory filing to the stock exchanges stated that it intends to commence casino operations in the Kathmandu property of Marriott very soon, pursuant to the lease agreement with the hotel chain. Delta Corp however did not give definitive timelines by which casino operations in the Himalayan state would commence.

In October 2017, Delta Corp had announced that it had signed a Memorandum of Understanding (MoU) with Everest Hospitality and Hotels Private Limited to operate a casino in the then under-construction Marriott property, which ultimately commenced its hospitality operations in July 2019.

Apart from Delta Corp, other Indian casino companies like Goa’s Pride Group as well as Sikkim’s Mahjong Group already operate casinos in Kathmandu.

Australian Stock Exchange listed Silver Heritage Group as well as Sri Lanka’s Bally’s casino group also have casino operations in Nepal.

Casinos in Nepal are mainly reliant on Indian players since local Nepalese residents are barred from entering casinos. The Nepal government is considering streamlining and updating its casino regulations and policies to enable foreign investments in the sector and boost tourism in the region.

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Gaming Legal & Regulatory

Goa Casino Policy not finalised yet: Report

Contrary to several previous assertions by the Goa government under erstwhile Chief Minister Manohar Parrikar as well as current Chief Minister Pramod Sawant, no final decision has been taken so far on shifting offshore casinos to an alternative location or notification of a Goa casino policy.

According to a report in local daily Navhind Times, no alternative site could be zeroed in on shifting offshore casinos from the River Mandovi so far due to strong opposition from all corners.

It was earlier reported that Ports Minister Michael Lobo had given permission to one of the offshore casinos, Deltin Caravela to shift towards the Vernem side of the River Mandovi from the Panjim side, where it is currently located.

The proposal to shift Deltin Caravela and two other offshore casinos to the Vernem side, however met with stiff resistance from opposition leaders and locals.

The Navhind Times report also indicated that the state government is still dithering on its plan to formulate a detailed casino policy to shift offshore casinos to an entertainment zone near the upcoming Mopa airport.

According to Navhind Times sources said the state government has asked the home department to set in motion the process for drafting a casino policy, but not much progress has been made on that front so far.

Chief Minister Sawant as well as previous state cabinets have granted successive six month extensions to offshore casinos to operate in the River Mandovi while giving an assurance that the final long term policy on casinos would be decided by the government in a short time frame.

Categories
Poker

Deltin Royale hosts third edition of WPT India

Offshore casino Deltin Royale in association with online poker website Adda52 hosted the third edition of the World Poker Tour (WPT) India from 15th-21st October, 2019 in Goa.

Following the success of the previous two editions, the 2019 WPT India edition featured eight events with buy-ins ranging from Rs. 20,000 to Rs. 1 lakh held over the course of six days.

Four-time World Series of Poker (WSOP) bracelet winner Robert Mizrachi also attended and participated in this edition of WPT India as a special guest.

The tournament ended yesterday with the main event comprising of a Rs. 55,000 buy-in. The main event, which saw a total of 630 entries was won by PokerGuru ambassador Ashish Munot, who took home a total prize pool of Rs. 63.48 lakhs (which includes a US$3,500 WPT Passport).

Yuvraj Chaudhary finished second place and won Rs. 42.77 lakhs while Jai Saha came in at third position, taking home Rs. 27.53 lakhs.

While a total prizepool of Rs. 3.25 crores was guaranteed by the organisers for the main event, total prizes worth Rs. 3.28 crores were distributed, with WPT India receiving more entries than required to meet the guaranteed prizepool.

Commenting on the event, Manish Adnani, Business Head of Poker at Delta Corp Ltd. noted, “WPT India is back for the third time, here in Goa. It’s been a good start right from the beginning, with prize pools growing organically. We hope to propel the fabric to the next level, hopefully setting the benchmark for live poker events for the decade.”

Newly appointed Adda52 CEO Naveen Goyal explained the company’s participation in the event, “Being a category leader in online poker, Adda52.com has always invested in offering the best user experience to its poker players across online and offline channels. After two successful editions of WPT, it continues to be the exclusive partner for WPT 2019 and maintain the international standards of the game.”

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Business

Delta Corp quarterly profit sees 22% y-o-y growth

India’s only listed casino and online gaming company Delta Corp Limited, announced its quarterly results for the period July-September 2019 yesterday.

The casino company reported a total revenue (including GST) of Rs. 252.76 crores against a revenue of Rs. 236.78 crores for the last quarter and Rs. 254.13 crores for the September 2018 quarter.

Delta Corp reported a marginal increase in its online gaming revenues from online poker and rummy website Adda52 to Rs. 40.93 crores, which reflects around Rs. 5 crore increase against the online gaming revenues from the last quarter as well as the September 2018 quarter.

Despite a 0.1% in the year-on-year reduction in the net post GST revenue of the company, Delta recorded a 22% uptick in the profit after tax.

The profit after tax recorded by the company was Rs. 59.04 crores as against a PAT of Rs. 48.10 crores for the September 2018 quarter.

The increase in PAT despite flattish revenues is mainly attributed to the reduction of corporate income tax rates by the central government from 30% to 22%.

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Gaming

Goa Minister backs shifting offshore casinos to Mopa airport, urges govt to maintain status quo till then

Goa Ports Minister Michael Lobo once again came out vociferously in favour of the state government notifying a long-term casino policy to rehabilitate the offshore casino vessels and shift them to a gaming zone near the upcoming Mopa airport.

Lobo opined that the government cannot disturb any business overnight, which is legal and that the casino business has been established in Goa and they have already invested in it.

“We have told the Chief Minister Pramod Sawant that the casino policy has to be in place. As per my opinion, it should come out in next six months, while the government has given an extension to offshore casino vessels to operate in river Mandovi. And the Chief Minister is also of the opinion that the work of constructing Mopa airport has to start,” the state minister and senior BJP leader is quoted to have said as per media reports.

Lobo however added that the shifting of the offshore casinos would take place only four or five years after the Mopa airport has been established, with construction activities at the greenfield airport currently being stalled due to the Supreme Court suspending environmental clearance for the project.

Lobo further reiterated that an alternative spot had been found to shift one offshore casino to another river body within the state, until the casino policy is finalised. He added that the feasibility study for the same is currently being conducted.

Meanwhile, Panaji city mayor Uday Madkaikar rejected Lobo’s demand to maintain status quo and allow offshore casinos to remain in River Mandovi until the casino policy is finalised.

Madkaikar reiterated the Corporation of City of Panaji’s (CCP’s) resolution to not renew the trade licenses of the six offshore casinos once their current license period comes to an end in the April-June 2020 period.

He added that Lobo can shift and accommodate the casinos in the Aguada Bay near Calangute area, which is a tourism hotspot and also Lobo’s assembly constituency.

Categories
Gaming

Goa govt gives another six month extension to offshore casinos, long term policy expected soon

The Goa state cabinet approved yet another six month extension for offshore casinos to stay in the River Mandovi, as per media reports.

As per media reports, the cabinet approved the extension for the six offshore casinos to remain anchored in the River Mandovi until 31st March, 2020.

Chief Minister Pramod Sawant however added that the casinos have been granted the extension pending a final decision on the issue, which will be done before the end of the extension period. “We will decide in the next six months what will be our final policy decision on casinos,” Sawant informed reporters.

Ports Minister Michael Lobo informed the reporters that a long term policy relating to casinos has to come up within the next few months. He further opined that a final decision would be taken in consultation with MLAs and ministers and noted that the casino industry, which has made big investments in the state cannot be expected to survive on ad-hoc extensions.

Earlier in the week, Lobo had stated that one of the offshore casino operators had expressed willingness to shift out of River Mandovi to the area between Aguada and Coco beach.

He added that the Ports Department will conduct inspection as to the feasibility of the location.