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Delta Corp’s Jaydev Mody eyes upscaling revenues from casinos
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
Smeilov/Adobe Stock
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. 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.
Working on possible roadmap to regulate online gaming: Rajeev Chandrasekhar in Lok Sabha
In July, the government informed Parliament that it is working to evolve a possible regulatory roadmap to promote online gaming business in India. Minister Rajeev Chandrasekhar said his ministry
has been interacting with the online gaming platforms and other stakeholders to evolve possible roadmap of regulation so as to promote ease of doing business and to provide suitable eco-system for the indigenous platforms. He was responding to queries from Aparjita Sarangi, BJP
26 AUGUST 2022
Lok Sabha member from Bhubaneswar. Noting that the sector had the potential to become the torchbearer of “Create in India” and “Brand India”, the Minister said that online gaming as an industry is evolving and has expanded across horizons. “In pursuance of the announcement made in the
Union Budget 2022-23 and to further unleash the scope of AVGC sector, an Animation, Visual Effects, Gaming and Comics (AVGC) Promotion Task Force
has been constituted on April 8, 2022, to promote the AVGC Sector,’ he added. The terms of reference of the AVGC promotion task
force set up in April include facilitation of skilling initiatives, promotion and market development activities to extend global reach of Indian AVGC industry, boosting of employment opportunities and incentives to attract foreign direct investment (FDI) in the AVGC Sector to make India a favourite destination for ease of doing business.
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