Delta Corp’s 90 acre township project to be complete by 2027

Panaji: Delta Corp, which recently received the necessary permissions from the Goa government to go ahead with the Rs 3,000 crore integrated resort-cum-casino township at Dhargal, plans to start work on the project in January. The company, which recorded a historic high in revenue for the July-September quarter, also said that its new Rs 150 crore offshore casino vessel will be ready after 12 months.
Delta Corp, which operates on shore and offshore casinos under the Deltin brand, said that the integrated township will be spread over 90 acre close to the vicinity of the greenfield airport at Mopa and will be ready by 2027.
“We have received the final approvals, a letter of intent and the notification of the land as Investment Promotion Area and we will start breaking ground in December or January,” said Delta Corp’s chief financial officer Hardik Dhebar during a conference call with financial analysts.
“We start in 2023 and by 2027 we will be completing the project if there are no more surprises. The way I look at it, is we will have to wait for the first three years for revenues to kick in,” he said.
He admitted that the project, which was mooted in December 2019, has encountered delays but went on to describe the wait as “worth it”.
“Now, it is a single-window clearance and I don’t have to run from pillar to post or department to department for permissions. We have got the letter of intent,” said Dhebar.
When asked about the capital expenditure for the Dhargal project, Dhebar said that the project will be financed through a mix of cash in hand, an IPO and future revenues.
The Jaydev Mody-led firm has Rs 600 crore in cash in hand and aims to raise Rs 250 crore through an IPO. Dhebar also said that as per existing trends, the gaming firm stands to earn Rs 400 crore on an annual basis.
In its second quarter earnings report, which was released on October 11, Delta Corp reported Rs 56.9 crore net profit. In the three months ending September 30, the firm recorded 1.2 lakh footfalls at its onshore and offshore casinos.
Dhebar said that the footfalls will go up once the new casino vessel comes in.
“The smallest ship will be replaced and the new ship will be bigger than the biggest ship that we have currently,” Dhebar. He also said that Deltin Royale, the firm’s biggest offshore casino, will go into a dry dock for three weeks before the financial year ends.