Gambling in India: Delta Corp posts revenue of US$24.9m for Q2
Revenue was down 24.4 per cent in year-on-year terms.
India.- Delta Corp has shared its financial results for the second quarter of the financial year 2024-25. It posted revenue of Rs2.06bn (US$24.9m), down 24.4 per cent from a year before but up 5.34 per cent sequentially.
Revenue from gaming operations was up 4.61 per cent in quarter-on-quarter terms to Rs1.77bn (US$21.36m) but down 30 per cent when compared to the second quarter of the last financial year. Online skill gaming revenue grew 13.91 per cent quarter-on-quarter from Rs 36.55 crores (US$4.41m) to Rs 41.63 crores (US$5.02m). The figure was up 13.24 per cent in year-on-year terms. Income from hospitality operations declined 27 per cent quarter-on-quarter to Rs 9.72 crores (US$1.17m) but grew 11.5 per cent year-on-year.
Cumulatively, Delta Corp has reported income of Rs4.02bn (US$48.7m) for the first six months of the financial year, down 26.5 per cent from the same period last year. Gaming operations were down 31.9 per cent year-on-year to Rs3.46bn (US$41.75m). Online skill gaming revenue was Rs 78.18 crores (US$9.43m), up 7.7 per cent, while income from hospitality operations was down 6.57 per cent to Rs 22.06 crores (US$2.66m).
Delta Corp demerger approved by board
In September, Delta Corp‘s board of directors approved the demerger of its gaming business from its hospitality and real estate divisions. Delta Penland Private Limited (DPPL), a newly incorporated company, will run the hospitality and real estate business, including Deltin Suites, in Goa, The Deltin, in Daman, Marvel Resorts, a proposed 440-room hotel in Goa in advanced construction, and land in Dhargalim, Goa, where the company aims to develop an integrated resort with a water park.
Delta Corp said the shares of the resulting company “shall be listed on the stock exchanges pursuant to the scheme.” It said: “These listed entities will be subject to public, media, analysts and regulatory review. A clean corporate structure with no cross holdings will ensure transparency, accountability, and highest standards of corporate governance and compliance” and stressed the demerger plan will have no impact on employees, customers and its business partners.
The new scheme aims to “improve its operational efficiency and accountability” increase investor opportunities and allow better resource allocation.
