India’s largest gaming company, Delta Corp, has announced it has acquired a 45% stake in the shipyard operator tasked with building one of its three floating casinos.
According to a document filed Monday, Delta Corp’s wholly owned subsidiary, Delta Pleasure Cruise Company Private Limited, has agreed to subscribe for up to 45% of the share capital of Waterways Shipyard Private Limited (WSPL) for a consideration of $ 155 million. ‘INR ($ 2.1 million).
The shipyard has built over 60 ships, including Delta Corp’s Casino Royale, which is used for casino operations on the Mandovi River in Goa. The company operates three floating casinos in Goa, which are currently closed due to COVID-19 restrictions.
Explaining the reasons for its acquisition, Delta Corp said, âGiven the importance of ships to the company’s casino business, this investment is expected to bring strategic benefits and a long-term partner to support construction requirements and maintenance of Delta group vessels.
Incorporated in 1982, WSPL achieved gross sales of INR 130 million (USD 1.8 million), INR 86 million (USD 1.2 million) and INR 118.8 million (USD 1.6 million) during of each of the last three years respectively.
Delta Corp said the subscription is expected to be completed by the end of the year.