India’s largest gaming company, Delta Corp, has announced the acquisition of a 45% stake in the shipyard operator responsible for constructing one if its three floating casinos.
According to a Monday filing, Delta Corp’s wholly-owned subsidiary Delta Pleasure Cruise Company Private Limited has agreed to subscribe for up to 45% of the equity share capital of Waterways Shipyard Private Limited (WSPL) for a consideration of INR155 million (US$2.1 million).
The shipyard has built over 60 vessels including Delta Corp’s Casino Royale, which is used for casino operations on Goa’s Mandovi River. The company operates three floating casinos in Goa, off currently closed due to COVID-19 restrictions.
Explaining the reasons for its acquisition, Delta Corp said, “Given the significance of marine vessels to the company’s casino business, this investment is expected to bring strategic benefits and a long-term partner to support Delta Group’s vessel building and maintenance requirements.”
Incorporated in 1982, WSPL has had gross turnover of INR130 million (US$1.8 million), INR86 million (US$1.2 million) and INR118.8 million (US$1.6 million) in each of the past three years respectively.
Delta Corp said the subscription is expected to be completed by the end of the year.