Delta Corp – India’s largest casino and hotel operator acquires 45% stake

Delta Corp invests an estimated $2.1 million in Waterways Shipyard Pvt Ltd, expected to be completed by December 31

India’s largest Casino and hotel operator, Delta Corp Ltd, will acquire a 45% stake in Waterways Shipyard Pvt Ltd, in Udupi, Karnataka, on India’s west coast.

According to a Monday filing, the operation is estimated at 15.5 crore (US$2.1 million) via its subsidiary Delta Pleasure Cruise Co Pvt Ltd, and is expected to be completed by December 31.   

The company stated: “Waterways Shipyard (WSPL) is an established shipyard operator on India’s western coast, which has previously constructed over 60 vessels, including the vessel ‘Casino Royale’ used for casino operations on Goa’s Mandovi River.” 

The company operates three floating casinos in Goa – which is currently closed due to COVID-19 restrictions – and had a gross turnover close to US$1.6 million in the 2018-19 financial year.   

Delta Corp is currently the only publicly listed company engaged in casino gaming (live, electronic and online) and hospitality company in India. “Given the significance of marine vessels to the company’s casino business, this investment is expected to bring strategic benefits and a long-term partnership, supporting Delta Group’s vessel building and maintenance requirements,”. 

The company added that the subscription is expected to be completed by 31st December 2020, subject to completion of customary conditions precedent and other terms of the transaction documents. 

Last month, the floating casinos were granted another six months extension by the Goa state cabinet(approved from 1st October, 2020 till 31st March, 2021) to continue operations in Mandovi River, between Panaji and Betim, as they are currently unable to identify any alternative location where they can operate.