Delta Corp Explained

Delta Corp Limited
Type:Public
Traded As:
Area Served:Worldwide
Key People:Jaydev Mody (chairman)
Industry:Casino
Hospitality
Online gambling
Hq Location:Delta House,Hornby Vellard Estate,Dr. Annie Besant Road,Next to Copper Chimney,Worli, Mumbai – 400018
Hq Location City:Pune, Maharashtra, India[1]
Revenue: (FY23)
Profit: (FY23)[2]

Delta Corp Limited, formerly Arrow Webtex Ltd, is an Indian Public company specializing in gaming and hospitality. The firm's primary assets encompass offshore Casino and hospitality services, operating under the Deltin Casinos & Hotels brand. The company engages in various forms of casino gaming, including live, electronic, and online platforms, with a significant focus on operations in Goa.

History

Delta Corp Limited was initially established on 5 November 1985, as a privately held company known as Creole Holdings Company Private Limited. Following the acquisition of shares by the Finolex Group, the company underwent a transition into a deemed public limited company and changed its name to Creole Holdings Company Ltd on 2 June 1992. During the period of 2003–04, Finolex Cables Limited divested its shareholdings, leading to the company no longer being a subsidiary. On 25 September 2003, the company was transformed into a private limited company.[3] In 2007, it was rebranded as Arrow Webtex Limited, and in 2008, it adopted its current name, Delta Corp Limited.[4]

Divisions

Offshore casinos and casino hotels

On 1 December 2015, Delta Corp Limited announced that it had been granted a license to operate a casino at its Deltin Suite hotel in Goa.[5] Subsequently, the Government of Goa extended the company's offshore casino license to allow on the Mandovi River, with annual renewals subject to license fees and compliance with government regulations.[6]

As of 2023, Deltin owns a total of nine properties spread across Goa, Sikkim, Daman and Nepal. Their holdings include three offshore casinos, two onshore casinos and a luxurious 5-star hotel in Goa.[7] Additionally, the company operates India's largest integrated five-star resort in Daman, known as The Deltin[8] and one land-based casino in Sikkim, another one in Nepal.[9]

Hospitality

Delta Corp currently owns one hotel in Goa and one in Daman:

Online gambling and games

In September 2016, Delta Corp. announced the acquisition of Gaussian Networks, owner of the online poker site Adda52.com and other online games. The acquisition was completed in 2017 for a total consideration of ₹223.9 crore (US$34.38 million).[12]

In 2019, it participated in the Series A round of fundraising in fantasy sports platform Halaplay.[13]

Sports

In 2014, Delta Corp became owners of the Indian Super League club FC Goa along with Virat Kohli (who owns 12% of the club), and a few other investors.

Upcoming Projects

New Casino Vessel in Goa: As part of the Detin Brand, there is a plan to introduce a new casino vessel on the scenic river Mandovi. This project involves an investment of 150 crore and aims to replace the existing Deltin Caravela (Currently known as Kings Casino). The introduction of the new ship is expected to significantly increase the gaming capacity, providing an enhanced experience for visitors.[14]

An Integrated Casino Resort: Delta Corp. has made a substantial investment in a 100- acre property location in Mopa, Pernem village. The estimated investment for this project amounts to Rs. 1,500 crore. Once completed, this new property is set to bring significant growth and development. With the expansion, Delta Corp. aims to create more employment opportunities, with projections of employing a substantial workforce of around 7,000 to 8,000 people. This endeavor showcases the commitment of the Jaydev Mody -led company towards boosting economic growth in the region and further strengthening their presence.[15]

Challenges

Delta Corp has seen a decline in its stock value. A tax notice from the government, requiring a payment for the period between 2017 and 2022, has been a significant factor.[16] This has led to decreased investor confidence.[17] The imposition of a 28% GST on online gaming has also affected the company.[18]

See also

External links

Notes and References

  1. News: Pune's Delta Corp Ltd Forays into Online Gaming; Acquires Poker Site Adda.com For $27 Mn . 25 May 2022 . Inc42 Media . 1 September 2016 . en.
  2. Web site: Delta Corp Ltd Q4FY23 consolidated PAT at Rs. 51.17 crores. Equity Bulls . 12 July 2023.
  3. Web site: Delta Corp Ltd. Edelweiss. 23 February 2017.
  4. Web site: Delta Corp Ltd.. The Economic Times. 23 February 2017.
  5. Web site: Delta Corp inches up after bagging license for a casino in Goa. Business Standard. 2 December 2015 . 8 September 2016.
  6. Web site: Delta Corp surges as Goa extends offshore casino licenses . The Economic Times. 7 April 2016. 23 February 2017.
  7. News: Layak. Suman. Jaydev Mody: Gambler-turned-gaming entrepreneur & promoter of Delta Corp bets on casinos. The Economic Times. 2021-08-14.
  8. Web site: Delta Corp: Reports, Company History, Directors Report, Chairman's Speech, Auditors Report of Delta Corp . 8 September 2016 . profit.ndtv.com.
  9. Web site: 28 July 2016 . Delta Corp acquires temporary license to open new casino in India's Sikkim state . 8 September 2016 . Calvin Ayre News.
  10. Web site: Yogonet . India's Delta Corp to inaugurate Casino Deltin Denzong on January 14 Yogonet International . 2023-08-22 . www.yogonet.com . en-US.
  11. News: Deltin launches its first international casino in Kathmandu, Nepal. 2021-08-14. The Times of India.
  12. News: Laghate . Gaurav . Gaming company Delta Corp completes Adda52 Deal . 25 May 2022 . The Economic Times . 28 September 2017.
  13. News: Nazara, Delta Corp invest Rs 40 cr in Halaplay Tech . 25 May 2022 . The Economic Times.
  14. News: 2022-05-02 . Goa: Deltin to replace river casino with new ship 2.5 times its capacity . The Times of India . 2023-08-24 . 0971-8257.
  15. Web site: Delta Corp to Build Complex in Entertainment Zone . 2023-08-24 . Zee News . en.
  16. Web site: Nishant . Kumar . 26 September 2023 . Delta Corp share price hits fresh 52-week low; down 48% in about three months; what should you do? . LiveMint.
  17. Web site: 25 September 2023 . India's Delta Corp shares sink on $1.34 bln tax blow . Reuters.
  18. Web site: Delta Corp share plummets to 52-week low due to this reason . Times Now News. 26 September 2023 .

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