Delta Corp seeks to raise around $40M for online gaming business

Delta Corp announced Tuesday that it is looking to raise around $30 to $40 million for their online gaming business, as stated by the group Chief Financial Officer Hardik Dhebar. 

The operator remains buoyant as the Goa government allowed the reopening of casinos in the state earlier this month, reinitiating operations in a variety of entertainment areas, including casinos, spas and massage parlors, while others such as music festivals are still awaiting permission.

Dhebar told CNBC TV18 that the company is “at the final stages of appointing a banker. We are looking at doing a USD 30-40-50 million capital raise, which we will utilize to grow the business”, he explained. “This should help us for the next 3-6 months to pump up our revenue, pump up the numbers”.

He also noted that online business has remained a steady contributor to the company’s topline. 

As regards business, he said: “It’s about 8-10 days that we are in operation in Goa, and the last 10 days of traction shows that we should be back to pre-COVID levels. Hopefully, in the next quarter, when we report a full quarter, you will be able to see that the numbers are way better than what we all expect”. 

In Goa, casinos are allowed to operate at 50% capacity. There are six offshore casinos on Mandovi river, off state capital Panaji, and about a dozen run inside hotels.