Delta Corp launches its gaming and hospitality destination Daman project

Written by fe Bureau | Mumbai | Updated: Mar 7 2014, 07:17am hrs
HotelDelta Corp is in the process of getting a 5-star certification for the hotel, and will. Reuters
Delta Corp. Ltd on Thursday said that it has launched its Daman project a 176-room-gaming and hospitality destination The Deltin, which is also one of the groups largest hospitality project in the country.

The gaming and hospitality company led by Jayadev Mody also proposes to operate an in-house casino spread over 60,000 sq.ft at The Deltin.

Delta Corp is in the process of getting a 5-star certification for the hotel, and will subsequently commence casino operations, a company statement said.

FE had in January reported that the gaming major expects its Daman casino to be operational by first quarter of financial year 2015, quoting Delta Corp's CFO Hardik Dhebar.

"The launch of our Daman operations will take place in two stage. The five star hotel will be operational in the next few weeks followed by the casino, which we expect to be operational anytime during the April-June period, he had told FE.

The company has invested about Rs 275 crore in its Daman property which will provide top-of-the-line facilities to its guests such as luxury suites, four gourmet restaurants, three bars, 8,000 sq. feet of high-end retail, a luxury spa, and multiple banqueting facilities.

According to Bloomberg data, Delta Corp got 34% of FY 2013 sales from its gaming business. The company had posted a profit of Rs 21.62 crore against revenue of Rs 38.95 crore during FY 2013.

Delta Corp, which is also the largest and only listed entity in this space (gaming and hospitality), recently launched Deltin Royale currently the largest offshore gaming vessel in the country located in Goa. Apart from this the gaming major currently owns two other offshore casinos -- Deltin Casino Royale and Deltin Jaqk -- which offers games like Baccarat, Blackjack, Roulette, Poker, Sic Bo, Craps, Teen Patti, Mini-Flush, Rummy, Money Wheel, Casino War, 3 and 5 card Poker, Royal Stud Poker, Andar-Bahar, Pontoon and Slots.

At present, Jaydev Mody and family holds 41.72% of Delta Corp's shares, while investor Rakesh Jhunjhunwala holds 6.8% and private equity firm ICICI Venture holds a 5.99% stake.