Indian gaming and hospitality operator Delta Corp Limited has reportedly released its second-quarter financial results showing an over 92.5% increase year-on-year in operational net profit to $6.06 million alongside a 48% rise in overall revenues to $28.51 million.
Gross gaming revenues rocket:
According to a Wednesday report from GGRAsia, Delta Corp Limited is responsible for a trio of riverboat casinos in the small Indian state of Goa encompassing the Deltin Royale, Deltin Jaqk and Deltin Caravela vessels while also running the land-based Deltin Denzong Casino venue in Sikkim. The giant Asian nation’s only publicly-listed gambling provider purportedly moreover saw its gross gaming revenues for the three months to the end of June swell by some 52.7% year-on-year to hit $25.74 million.
Results provoke recommendation:
GGRAsia reported that the increasing volume of business being done by Delta Corp Limited’s gambling-friendly ships prompted boutique investment firm Union Gaming Securities Asia Limited to declare that Goa should now seriously begin considering the legalization of onshore casinos.
Goa reportedly only allows riverboat casinos to operate within its borders but Union Gaming Securities Asia Limited reportedly used a Tuesday memo to state that the success of Delta Corp Limited ‘continues to make the case’ for a future transition onto dry land.
Union Gaming Securities Asia Limited’s memo reportedly read…
“Upside to our expectations derived from all major reporting segments; casino gaming operations, online gaming and hospitality, with the biggest delta in absolute dollar terms coming from casino operations upside.”
Annual Goa gross gaming revenues could top $1 billion:
Grant Govertsen from Union Gaming Securities Asia Limited reportedly proclaimed that the Goan floating casino market could bring in annual gross gaming revenues of over $1 billion in the next few years although Delta Corp Limited may be hindered by a lack of space as its vessels already feature occupancy rates of over 50%.
Union Gaming Securities Asia Limited’s memo reportedly further read…
“Simply put, demand for the company’s riverboats in Goa remains very robust and continues to make the case for the transformational land-based move.”