Gambling could probably be the worst affected business after the government‘s clamp down on black money. No wonder Delta Corp, the only listed player in the space hit the 20% lower circuit after the Modi government demonetised the Rs.500 and Rs. 1,000 notes. Delta makes close to 84% of its revenue from its three offshore casinos in Goa and about 14% from its hotels business. “Beyond black money, which is obvious why Delta has corrected, even customers who have clean money will restrain from splurging on luxury items and services like gaming and casinos,” says AK Prabhakar, head of research, IDBI Capital.
Delta Corp has been hit hard by demonetisation but the game goes on
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