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Delta Corp to replace Caravela with a new Rs 150Cr vessel

Deltin Caravella
Deltin Caravella

Delta Corp chief financial officer Hardik Dhebar announced that the Delta Corp is planning to invest Rs 150 crore to build a new casino vessel which will be anchored in Mandovi by mid-2022. The vessel, being built by Waterways Shipyard, will replace the existing Deltin Caravela vessel. 

Delta Corp Limited, previously known as Arrow Webtex Ltd., is an Indian gaming and hospitality corporation that owns and operates casinos and hotels under several brands. It is India’s only listed company engaged in casino (live, electronic and online) gaming. It runs the majority of the offshore casinos on Panaji, Goa. It is the largest gaming company in India with a revenue of INR 4829.10 Cr.

Delta Group, which operates casinos under the Deltin brand owns three offshore casinos in Goa, making it a dominant player there. It also owns a number of casinos in Goa, namely Deltin Royale, Deltin JAQK, Deltin Caravela and one luxury hotel, Deltin Suites. Since these casino gaming vessels are anchored on Mandovi River, Delta Corp has acquired jetties like Betim, Reis Magos, Barcolento and six feeder boats in order to ferry its customers from the mainland to the offshore casinos.

Delta Group is also finalising plans for the integrated resort at Pernem which will include electronic casinos, themed hotels, water parks and theatres. The resort will be developed on 100 acres of land close to the under construction airport at Mopa and is likely to take nearly five years to complete with Rs 1,000 to Rs 1,500 crore being invested into the project.

“We are trying to make the best of both worlds,” Dhebar said while referring to the firm’s investments into off-shore and on-shore assets.

“We are going to invest in the hope that in the four to five years that it will take us to build the integrated electronic casino, the government will change the policy and the law and permit live gaming on-shore,” Dhebar said at an investor conference earlier this month.

The projected new vessel is built by Waterways Shipyard, which has yards in Udupi and at Chicalim. Delta Corp’s first vessel the Royale, which is now known as the Deltin Jaqk was also built by Waterways Shipyard. 

“We have three licences and one of our vessels is a very small boat called the Deltin Caravela, which is what we are looking to upgrade to a larger vessel. We started building that vessel some time ago and we believe that in the next 12-18 months, we should have a brand new vessel indigenously built in the river,” the CFO said.

The firm, which is helmed by Jaydev Modi, believes that the new vessel will generate as much revenue as Deltin Jacq and Deltin Royale put together. The new vessel will be bigger than Deltin Royale and will meet the projected increase in casino patrons for the next four to five years. According to Dhebar, Delta Corp expects to recover the 150 crore in a year or less.

“We believe it is going to make us good money. We are looking at Rs 1,000 crore to 1,500 crore investment over the next five years, but Delta may not put in all the money. There will be strategic partners and other firms that Delta will bring in as partners in the retail, waterpark, entertainment sector. They will bring in the capital while Delta will focus on the gaming and 300-400 room hotel,” Dhebar said.

These future plans prove that despite the pandemic and the criticism against casinos in Goa, the Delta Corp is not going to back off from both onshore as well as offshore casinos any time soon. 

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