Delta Corp is India’s only listed gaming company. The company operates 3 offshore casinos in Goa, Onshore Casino in Sikkim, Kathmandu (started in Jan 2020) and Daman (Non operational). Its subsidiary operates an online gaming portal which is a focus area and management is considering hiving it and attracting PE investors. Delta is a compelling secular growth story given increased interest amongst Indians to spend money on gambling. Commencement of casinos in Kathmandu and ramp up in Sikkim, could boost performance. Changes in state policies on casinos is a major risk factor. Recent performance has been exceptional but fresh covid restrictions may impact next quarter’s earnings. We have an over weight weight rating on the company due its earnings potential and attractive valuations
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