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India – Delta Corp bounces back as casinos open in Goa

By - 11 January 2022

Reopenings saw Delta Corp, the operator of Goa’s Deltin Royale, Deltin JAQK and King Casino, saw an 104.2 per cent increase to US$41.7m for the quarter to the end of the year.

Casino revenue increased 106 per cent to hit US$33.8m, although the company’s online operations, including its Adda52.com poker site, its Adda52rummy.com rummy site and its DFS LeagueAdda.com, dropped by 15.6 per cent to US$4.8m

Due to COVID-19 pandemic and the consequent lock downs announced by the Government of India, the operations of the Company were suspended since the third week of March, 2020 to October, 2020. During the current financial year also, consequent to the lock down due to the second wave of pandemic announced by the state governments, the Group could operate only partially as follows.Casinos at Goa operated at 50 per cent of normal capacity for a part of April 2021 at and with effect from 20th September 2021 with restrictions.

Hotel at Goa operated at 50 per cent of normal capacity for a part of April 2021 and with effect from 5th July 2021 with restrictions.

For April 2021 and part of May, 2021 the Casino at Sikkim operated at 50 per cent of normal capacity and with effect from 16th August 2021 with restrictions. Considering the overall gradual returning to normalcy, the positive performance for the quarter and the management’s assessment of the possible impact of this pandemic on the business operations and the financial position of the Company and based on its initial assessment of the current indicators of the future economic conditions, the Company expects that the COVID-19 pandemic would not have any material adverse impact on the recoverable values of its financial and non-financial assets and on the net worth of the Company.

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