Delta Corp subsidiary to resume casino operations in Kathmandu from today; Stock up 1.5%
In a breakthrough for the Delta Corp, the Government of Nepal has issued relaxations in the entertainment industry. This will result in the reopening of the company’s subsidiary casino that is being operated in Kathmandu. The company will be allowed to reopen with all the applications safety norms in wake of the novel coronavirus pandemic.
The news comes as a major boon for the gamblers who were desperately in wait for the reopening of casinos. Delta Corp’s subsidiary casino in Kathmandu is quite a famous casino that enjoys tremendous popularity amongst the game-playing youths. The operations of the casino were halted since the virus outbreak in Nepal.
Government’s Guidelines and Decision
The Government of Nepal introduced further relaxations after the initial announcement made earlier in the month. In the latest guideline, all the entertainment parks, movie theaters and multiplexes, gaming centers, and casinos will be allowed to operate with 50% capacity following all the health and safety protocols of Covid-19.
Delta Corp’s Statement
Delta Corp in its statement said that in consideration of the further relaxations issued by the Government of Nepal on Tuesday, the casino operated by our subsidiary in Kathmandu will resume its operations from midnight of 8th September 2021. The casino has started its operations and is receiving a tremendous response.
Stock Price rises by 1.5%
After a release of the official statement from Delta Corp, the investors showed confidence in the reopening operations. Delta Corp Ltd’s share price rose to a massive 1.5% in a matter of hours of the opening of exchanges. At 11:00 hours in the morning, Delta Corp’s shares were trading at Rs. 226.30, up by Rs. 3.30 from the previous day’s close of Rs. 223.
Delta Corp operations in India
Delta Corp is the only listed company in India that is engaged in the online gaming (casino, live gaming) industry. Delta Corp along with its subsidiaries owns and operates casinos in the Indian states of Sikkim and Goa. The Goa casino receives tremendous responses from the players. Delta Corp also manages the online gaming platform Adda52.
Delta Corps Financial
The financials of Delta Corp are very weak since the closure of all its gaming centers in wake of the novel coronavirus pandemic. Delta Corp posted a net loss of Rs. 29.18 Crore in the first quarter of 2022. However, the net sales soared by 7% which shows that the customers are addicted and willing to respond to the company’s operations.