Delta Corp Limited has provided a business and project update, announcing that a new casino vessel for its Mandovi River operations in Goa is in advanced stages of completion and is expected to be inducted by March 2026, with commercial operations likely starting in April 2026. The company has decided to put the development of an integrated resort on the Dhargal land parcel on hold, citing the current regulatory and tax environment, and is exploring options to monetize the land. In a significant corporate development, Delta Corp has filed an application with the National Company Law Tribunal (NCLT) seeking approval for a demerger of its businesses into two separate entities: one for Gaming and another for Hospitality and Real Estate. This demerger is proposed as a mirror split, where shareholders will receive one share in each resultant company. The company aims to complete this restructuring, subject to regulatory approvals, within the next six months. The company has also invested ₹23 crore in a real estate platform with Alpha Alternatives Fund Advisors LLP and Peninsula Land Limited, acquiring land parcels worth over ₹190 crore across various regions. This platform is expected to begin marketing small residential plots in Q1 FY 2026–27. In its hotel business, Delta Corp is progressing with a new 375+ key hotel and casino project in Panjim, targeting a soft launch in the last quarter of FY 2026–27. Additionally, a 100-key hotel property acquired in Alibaug is expected to become operational in the last quarter of FY 2026–27, which will bring the total room inventory under the Deltin brand to over 750 keys. Regarding legal matters, arguments in the GST Department matter pending before the Supreme Court have concluded, and the company awaits judgment. The casino license matter for its hotel in Daman remains sub judice before the High Court of Bombay. Management is actively working to mitigate the impact of the increased GST rate to 40% on the sale of gaming chips, engaging with the government to advocate for taxation based on Gross Gaming Revenue (GGR).
