India’s leading gaming company, Delta Corp, saw its gross operating income decline 12.2% quarter-on-quarter to 269.99 crore rupees ($35.5 million) in during the three months preceding March 31, 2022.
The decline in revenue was attributed to a “substantial decrease in visits” to the company’s land-based casinos in Goa and Sikkim between January 22 and February 22, 2022 due to the Omicron variant of COVID-19. The results were, however, slightly improved from the Rs262.35 crore (US$34.5 million) recorded in the March 2021 quarter.
For the full fiscal year, running from April 1, 2021 to March 31, 2022, gross revenue increased by 48.4% year-on-year to reach 765.2 crore rupees ($100.5 million) .
The March quarter included a 15.6% drop in casino gaming revenue to Rs 210.66 crore (US$27.7 million) and a 24.6% drop in hospitality revenue to 16, Rs 8 crore (US$2.2 million). Conversely, revenue from online games of skill – namely the company’s online poker site Adda52.com, online rummy site Adda52rummy.com and online fantasy sports site LeagueAdda.com – increased by 19.1% to reach 42.53 crore rupees (5.6 million US dollars).
Profit for the period fell from 70.38 crore rupees ($9.5 million) in the December quarter to 48.11 crore rupees ($6.3 million). Delta Corp noted that its casinos have only been allowed to operate at full capacity since February 11 in Sikkim and March 7 in Goa.
“The fourth quarter results ended the year well and, at the same time, we look forward to a fantastic year ahead,” said Delta Corp Chairman Jaydev Mody.
“The year showed a stable and robust performance compared to previous quarters and we expect a full-fledged performance in the year ahead.”
Delta Corp operates India’s two largest offshore casinos, Deltin Royale and Deltin JAQK, and the country’s only floating hotel with a casino, King Casino, all located in Goa. It also owns and operates the Deltin Suites at Goa Casino Deltin Denzong in Sikkim, as well as the 176-room five-star hotel The Deltin in Daman.