delta corp ltd

Delta Corp has acquired close to 100 acres of land where it plans to shift all its off-shore casinos and initial estimates by the firm had pegged the total cost of the shift to Rs 1,200 crore to Rs 1,500 crore. “The integrated resort is expected to be one of its kind in the country,” Delta Corp’s company secretary Dilip Vaidya stated in a statement to the bourses.

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.

Goa Chief Minister Pramod Sawant has stated that Delta Corp's new 112m casino vessel will not be permitted to dock near the capital city, urging the company to revise its application. Sawant also met with taxi association heads to discuss a digital taxi policy aimed at benefiting operators and tourists, with a resolution expected soon.

The Sikkim high court has granted a stay on a Rs 628 crore GST demand order against Delta Corp, a casino and online gaming company. The government has raised a total GST demand of around Rs 23,000 crore against the company. The court has ordered status quo to be maintained until the next hearing. Delta Corp operates both casinos and online gaming platforms and has received show cause notices for alleged short payment of GST. In the second quarter of 2023, the company saw a 1.7% increase in net profit and a 3.4% increase in income from operations.

Delta Corp and its subsidiaries, which operate casinos in Goa and Sikkim as well as online gaming platforms, have been advised by GST authorities to pay over Rs 16,800 crore in tax claims. This is one of the highest GST claims and follows a similar demand on Gameskraft. Delta Corp has stated that the notice is arbitrary and contrary to the law, and they will pursue legal remedies.

Delta Corp continues to bet big on Goa’s casino industry and plans to invest Rs 150 crore to build a new casino vessel which will be anchored in Mandovi by mid-2022. The vessel, being built by Waterways Shipyard, will replace the existing Deltin Caravela vessel, Delta Corp chief financial officer Hardik Dhebar said.

Delta Corp's stock fell 20% on Monday, to its lowest level since January 2021, after the firm said that it has received a notice to pay Rs 11,140 crore ($1.3 billion) in tax arrears. Delta, which is worth roughly Rs 47 crore, also stated that it and two of its subsidiaries were informed of an additional tax deficiency totaling Rs 5,680 crore between July 2017 and March 2022.

Delta Corp has put its Rs 2,000-2,500 crore integrated resort-cum-casino township project in Goa on hold due to uncertainty surrounding potential GST slab changes. The company fears that a proposed 40% GST rate on casinos would render the sector unviable, impacting jobs, tourism, and revenue collection. Delta Corp is also concerned about retrospective GST demands.

The Congress demanded that the government cancel the licence to the casino, Horseshoe.

Indian online gaming and casino firms saw their share values tumble yesterday after the country’s Goods and Services Tax Council imposed a 28% tax on funds the companies receive from customers. The move will also impact on casinos, with players liable for the tax on the amount they initially spend to purchase chips.

Shares of Delta Corp fell to a near three-year low on Monday, after the casino operator said its unit received an additional tax shortfall notice to pay 63.84 billion rupees ($766.8 million). This compares to the company's third-quarter net revenue of 2.71 billion that it reported last week and a notice to pay tax arrears of 111.40 billion rupees last month.

Confident of the growth potential of Goa’s casino industry, Delta Corp, which operates on-shore and off-shore casinos under the Deltin brand, aims to bring in a new casino vessel into River Mandovi by August-September. The new vessel is likely to replace the Deltin Caravela and will increase the company’s current capacity by 2.5 times, said the company’s chief financial officer, Hardik Dhebar.