Delta Corp Ltd Share Price Rises on News of Approval for Goa Resort

Delta Corp Ltd on Saturday announced that it has received in-principle approval from the Goa Investment Promotion and Facilitation Board to set up a new resort in the state.

The resort, situated in Pernem, will consist of several hotels, convention centre, multi-screen cinema, retail area, water park, plus an electronic casino.

"The integrated resort is expected to be one of its kind in the country. The project is expected to boost tourism, employment and infrastructure of the state of Goa," the company said in a statement.

Delta Corp shares closed up 3.16% on the news, which will be a small boost to investors. In the latest quarter on a consolidated basis, Delta Corp reported a net loss of Rs 54.91 crore in Q2 September 2020 compared with a net profit of Rs 59.04 crore in Q2 September 2019. Net sales plummeted to Rs 38.37 crore in Q2 September 2020 over Q2 September 2019.

Delta Corp land-based revenue dried up with the closure of casinos at the start of the coronavirus pandemic. Analysts will be closely looking at the next quarter of results which should show decent growth with casinos in India back open since November 1.