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Delta buys land for India’s first IR casino complex

Authorities in India have given the OK for a shift from floating casinos to land-based venues due to the Covid-19 pandemic.
Authorities in India have given the OK for a shift from floating casinos to land-based venues due to the Covid-19 pandemic.

The company has announced it has bought land to use for a casino resort once it can shift operations from floating casinos.

India.- Delta Corp has announced the acquisition of around 100 acres of land in Pernem, Goa, where the company plans to build an integrated resort.

The firm’s intention is to shift operations from floating casinos to land-based casinos resorts.

Delta Corp’s company secretary Dilip Vaidya said in a statement to the bourse: “The integrated resort is expected to be one of its kind in the country”.

The Goa Investment Promotion Board had already granted the company approval for this project.

The state’s present policy allows live gaming only at off-shore casinos and on-shore gambling is only via electronic means, but authorities have agreed to make the shift spurred on by the Covid-19 pandemic.

Authorities hope the project will boost tourism, employment and infrastructure in Pernem.

In compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Delta Corp issued a statement to inform investors about the development.

It said: “We hereby inform you that the company has received an in-principle approval from the Goa Investment Promotion and Facilitation Board for setting up of an integrated resort consisting of hotels, convention centre, multiplex cinema, retail area, electronic casino, water park and other facilities at Pernem, Goa”.

The firm’s initial plan estimated that it would take 36-48 months to build the entertainment zone at Mopa and shift all casino operations to the location. The cost of the project is calculated at between 1,200 and 1,500 crore.

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