India’s largest gaming operator, Delta Corp Ltd, announced December 4 that it has “deferred” a planned integrated resort (IR) in Dhargalim, Goa, Inside Asian Gaming reported.
The company will instead invest in real estate by buying 1.5 million shares in Peninsula Land Ltd (PLL) for $12 million.
The two companies plan a joint $30 million expansion in real estate, mainly in Mumbai and Goa.
The move comes as Delta is fighting claims by various state governments that it owes more in taxes than it is currently capitalized at as well as a movement to impose a 28 percent GST (goods and services tax) on all gaming operators.
In making the announcement, Delta Corp commented: “The need for expansion in the real estate sector stems from the fact that Delta has in the past successfully executed several projects and exited profitably coupled with its promoter having over 35 years of experience in this industry.”
It continued, “Considering that Delta’s flagship project at Dhargalim, Goa has been deferred and given its free reserves and cash flows, the company sees a compelling opportunity for long term growth in this sector” adding “and will continue with its philosophy of running a debt free company.”
Delta Chairman Jaydev Mody declared, “Today, India’s real estate sector is poised for growth and presents attractive opportunities to businesses.”
Delta first announced an IR project in 2020 that was to have hotels, a convention center, cinema, shopping, a casino and a water park.
