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31/10/18 – Goa government’s new casino policy could be a win-win for all: Jaydev Mody, Delta Corp
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We are taxed and it is very difficult to grow in such an environment, but the company grows organically and inorganically, and for the last 10 years we have seen a cumulative growth of 20-25%, Jaydev Mody, owner of Delta Corp, told ET. Now.
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We are on the ground floor. We have just started a business. The entire industry is about 10 years old, but this is just the beginning and it has a long way to go. However, there is still a lot that needs to happen to make the business global, and the most important is taxes. We are insanely taxed and growing in this environment is very difficult and challenging. If the government realizes that there is a multi-billion dollar business in the gambling industry – but it is all in the gray zone or below the radar – and taxes it appropriately, it will all flow into the regulated sector and then the business will be. can grow. Already there. The market is there.
We are very keen to acquire their subsidiary called Advani Pleasure Cruise. There is a partner in this business, an Austrian company that wants to exit, so buy it out and then negotiate with the owner of 51% of the company. This is our main concern and we also want to check hotel room facilities in Goa and this is a great way to achieve that. But it didn’t work out and we were stuck with a 34-35% share, which we still maintain today.
Now you have publicly stated that you are not interested in the hotel business. Why is this happening and how do you think the hotel business will evolve?
In my opinion, hotel business is never profitable. Many people claim that they make money in hotels and this can be true if you hold the asset for 20-30 years after the ARR changes. About 30 years ago, the price of a room in a five-star hotel was 500 rupees, now it is between 15,000 and 20,000 rupees, and we are not in the hotel business. This is in addition to our casino business, where we invest 90% of our capital in the hotel and 10% in the casino, then we derive 80% of our revenue from the casino and 20% from the hotel.
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We have seen an increase in gross game revenue and overall visitors. Give us some predictions. How has this journey been and where do you see it going?
We started 10 years ago with one casino, then two, then three. We then opened a land-based casino in our hotel, which increased our revenues again.
We have set up a casino in Sikkim which has increased our revenue and now we are waiting for the license in Daman and opening in Kathmandu which will bring in revenue. However, the company is growing in two ways – organically and inorganically – and over the last 10 years we have seen a cumulative growth of 20-25%.
I see no reason why we should not grow at this rate going forward. The company exists and we will continue to develop. We just have to continue to innovate and maintain the quality of our products and services at a high level.
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Gambling in India and regulatory hurdles are also politically sensitive. You have overcome many of these obstacles over the years if you want to keep your business afloat.
In Goa, it has now become a part of the economy. Goa does not have much taxation or revenue from anything other than tourism and casinos. They realize that this is our business and gambling part for the customer. We run a business. It’s a numbers game. We have a guaranteed margin of 4-5% and that’s what we run and run like a business. For us not to play a gamble.
The company’s EBITDA margin has increased significantly. Can we assume that the margin image will also look healthy?
Yes, the EBITDA margin is relatively stable and will not be affected by more than a few percent here or there in the future. And our margins are pretty good. It can only be improved if taxation is rationalized. Recently they increased the license fee by 200%, even more in some cases, and it really hit us. However, we work harder to overcome these costs and achieve a good level. Beyond that, I don’t think there’s any other risk of undermining the EBITDA margin that we’re currently doing.
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What about online games? There is a website adda52.com. Will this be a strong growth wave? Do you see much competition here?
We are leaders in the poker industry, our adda52 brand. The next competitor will be 20% of our size. So we don’t see much competition there, but we have two other companies – adda52rummy and Fantasy – that we started, we have startups and we are fighting for market share. This is a very difficult business, it’s true.
This will make political sense as the residents are asking the Chief Minister to withdraw the boats from Mandovi. He thought it would be better to put it close to the new airport so the rest of the country wouldn’t be affected. Travel time is shorter, there is no traffic on the river, and all objections to many other aspects of the river disappear. This is a win-win for government, citizens and industry. That makes sense.
They want to invest about $ 150 million over the next four to five years to build a five-star, 300-room hotel. Is this plan still in the works and how will it help the overall operation of the casino?
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I don’t know where you got this number from, but yes, we are planning to invest in accordance with the new land policy that is coming. We plan to create an integrated resort that will have more than just a hotel and games, it will have access to a water park and many shops and a convention center, something like an integrated resort. But it all depends on the policy of the casino and only later we determine the structure of our investment, our plan, etc.
In the last two years, demonetisation and the increase in royalty charges have led to a significant correction in share prices. How do you deal with these headwinds?
Demonetization only gave us a downturn for a few months as most of our business is based on credit cards again. We recovered quite quickly. We just have to promote and sell harder, increase traffic numbers and work at full speed, and we are made to lose to a large extent. We still hope that the government will look at it again and rationalize it because it has been increased several times and is not right. They will look into this if they want the industry to survive.
What is your vision for Delta Corp? Where do you see the company in the next three, four, five years?
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We will have casinos with several locations in Goa, Daman, Sri Lanka and possibly Sikkim, Kathmandu. Of course, changing the rules of the game, as you said, maybe a political casino. If this is what we expect, opportunities will continue to present themselves.
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