Goa Casino Industry Reels Under Political-Attacks, Demonetization, Delta Corp Profits Fall

Delta Corp
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  • PG News January 21, 2017
  • 1 Minute Read

Casinos in Goa have been at the receiving end of blows from practically all sides. The industry was already facing constant attack from various political parties, who are using the issue as a popular plank to garner votes for the nearing elections. Additionally, the Election Commission has now directed a strict vigil on casinos, as it was alleged that they are being used by anti-social elements to launder black money.

With the recent demonetization drive, business at casinos was further affected, as most dealt in cash and the withdrawal restrictions made operations extremely difficult, besides reducing footfalls of visitors.

The results of all the above have now begun to show as Delta Corp, India’s largest and only BSE listed gaming company registered a drastic drop of 68% in its third quarter (Q3) earnings, with a profit of just ₹10 crores on its casino business. This segment contributed 87% to the company’s profits and was now displaying 23% de-growth as compared to the last financial quarter. However, its year-on-year growth was registered at 37.2 on its bottom line.

The upcoming elections will be a crucial one for the casino industry, with the ruling BJP the only party that seems to understand the vital contribution of the former to state revenues. It remains to be seen if the BJP will return to power and continue to support casinos, or another party gains power and creates an unhealthy environment for them.

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