11 Nov 2020 Patrick

Delta Corp's Total Revenue Plummets on Back of Casino Closures

Delta Corp’s Total Revenue Plummets on Back of Casino Closures

Delta Corp Ltd, India's only publicly listed casino operator, published its quarter three financial results on Monday with the brutal news that total revenue of Rs. 460.50 million (US$6.2m) was down nearly 80% on the same period last year.

The three-month period ending September 2020 showed a net loss of Rs. 549m versus a Rs. 590m profit in Q3 2019.

While the complete closure of the company's casinos in Goa and Sikkim due to coronavirus measures proved a mighty blow, perhaps of more concern to stakeholders and shareholders is the news that the firm's online operations were down around a fifth on Q2 of this year.

That's still a rise of 8.9% on Q3 2020, but questions will be asked about the decline from Q2 2020 of Delta's online poker and rummy operations.

The results are certainly disappointing but more positive news from the last month is that casinos in India were able to reopen from November 1, and the Goa state government has allowed casino operators to pay annual fees on a monthly basis instead.

At the end of October, Delta announced it was taking a stake in a shipyard building casino vessels.

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