Delta Corp’s Jaydev Mody eyes upscaling revenues from casinos

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Delta Corp Limited’s chairman and promoter Jaydev Mody has revealed the strategies they are looking at during the ongoing slump in the market in an interview with The Economic Times. The company that operates Deltin Royale, one of the country’s largest casinos, has plans to widen its wings in the online gaming sector.

Delta Corp, which started as a textile and real estate consultancy company incepted in 1990, has emerged as one of India’s largest casino, online gaming and hospitality companies. It acquired the nation’s leading online poker site Adda52 in 2017 and has seen a considerable rise in its stocks since the start of the pandemic in 2020.

When Mody was asked about his acquisition’s performance since that early boost in 2020, he said that it has gone flat in recent times owing to the cutthroat competition in the sector, but has also hinted at future acquisitions in the gaming sector.

“We have not had much growth after the first quarter of the Covid year when we had a jump, and then we maintained the higher level, and after that, it has been reasonably flat. There is a lot of competition. There are a lot of other issues in that business, but one needs to do more and more of the multi-gaming platform, which we have now started and maybe look at acquisitions and grow in that way. Otherwise, we have been growing very steadily and organically over the last three years,” Mody was quoted in an interview by The Economic Times.

When enquired about the companies’ plans for future acquisitions, the Delta Corp chairman insisted that they will only invest in any future ventures when the money is raised, and they have filed their documents to SEBI, hoping to get the green chit for the launch of the IPO. He also revealed that with the current scenario in the Indian market, it is impossible to say anything at the moment but is hopeful that things will improve by the end of the year.

“We have filed our documents with Sebi and we hope to get cleared in the next couple of months markets being the way they are right now, We do not know when we will launch the IPO but hopefully around the end of the year if markets improve. The Sebi approval is good for a year and so any time within the year and hopefully by the end of this year,” Mody added.

Mody sheds light on upscaling the average spends

The casino tycoon also shed light on his company’s primary business in Goa and revealed the revenue generated on a day-to-day basis from his renowned offshore casinos on the Mandovi river. He is looking to increase the amount of money people spend on every visit to his establishments and is hoping to upscale it from around Rs. 22,000-23,000

“The current business we are doing is of about 1,15,000-1,20,000 people every month, and the idea is to increase the spending. Today the average spend is Rs.18,000-19,000. We want to upscale that and take it to Rs. 22,000-23,000 and get growth accordingly,” Mody concluded.