G3-247 Report INDIA
The law states that for an application fee of Rs2 lakh this will enable two machines or less for five star hotels or for Rs20 lakh 20 machines or less are permitted on board offshore vessels. Licences are granted for five years.
In May 2013 Delta announced a deal to acquire a 51 per cent stake in Daman Hospitality, a resort in Daman for Rs50 crore. The resort is a 187 room five star deluxe property called The Deltin. It is spread over 10 acres also houses three bars and four restaurants and 70,000sq.ft of outdoor pools and events area.
Deltin Corp owns an ‘in-principle’ licence to set up a casino in Daman with the aim of introducing 1,000 to 1,500 gaming positions in this resort. The casino (Fiesta Casino) is a 50/50 venture between Thunderbird’s sub- sidiary Impacto and Deltin.
In theory, Daman could become a gaming hub for at least four cities – Surat, Baroda, Ahmedabad and Mumbai as it is a 2.5 hour drive from Mumbai. The casi- no and resort are expected to be operational by mid 2014 and will be India’s largest integrated casino resort. The resort is now just waiting for final formalities to be com-
Deltin Corp owns an ‘in-principle’ licence to set up a casino in Daman with the aim of introducing 1,000 to 1,500
gaming positions in this resort. The casino (Fiesta Casino) is a 50/50 venture between Thunderbird’s subsidiary Impacto and Deltin.
pleted although this has been an ongoing wait.
Chairman of Delta Corp, Jaydev Mody, said in his annual report: “The Indian economy is expected to jump back into growth mode after a rather unremarkable year that was marked by so called policy paralysis, higher costs of borrowing and depressed global demand.
“The India story continues to be alive and well. The
weakening of the Rupee has positives for exporters as well as for long term investors. The so called hot money has already left the country and it is a good time for for- eign investors to pick up assets.
“According to government statistics consumer spending in India grew from $549bn to $1.06 trillion between 2006 and 2011 putting India on the path to becoming one of the world’s largest consumer markets by 2025. Consumption is expected to rise 7.3 per cent annually over the next 20 years. By 2040 nine out of every 10 Indians will belong to the ‘global middle class group’ with daily expenditures ranging between $10 and $100 per person in today’s PPP terms.
“Gaming and casino business remains an area of large demand. However this is limited to Goa, Sikkim and Daman. A growing middle class will mean that domestic tourists in search of global gaming experiences at home will head to Goa or Daman which are more easily acces- sible than Sikkim.”
Deltin Corp gaming and hospitality business in Goa will generate an operating profit of Rs135 crore on annual revenues of Rs575 crore this year.
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