Dear Shareholders,

FY 2024-25 was a year of formidable challenges – most notably the continued impact of GST tariffs on both our online and offline skill gaming businesses. Yet, we met these headwinds with resilience, a clear sense of purpose, and a renewed commitment to growth. Our journey was one of innovation and perseverance, anchored in excellence and shared values.

UNYIELDING AMID ADVERSITY

As India’s only listed luxury casino gaming Company, now evolved into a diversified conglomerate spanning gaming, hospitality, and real estate – we stood firm. Despite regulatory uncertainties, we remained focused and undeterred, tackling each challenge with clarity and resolve.

While the GST matter continues to pose short-term hurdles, our commitment to long-term growth and value creation remains unwavering. We are expanding our core while laying the foundation for future growth levers.

FOCUSED. FORWARD. FUTURE-READY.

We reaffirmed our business model’s strength through strategic cost control, operational efficiency, and technology-driven innovation, all the while enhancing the guest experience across verticals. Our financials reflect this strategic discipline:

Our casino segment continues to be the cornerstone, contributing over 92% to operating revenue. We remain the largest casino operator in India, with three offshore licenses, three land–based casinos, and a capacity of ~ 2,000 gaming positions.

GAME-CHANGING EXPANSION

To unlock the next wave of growth, we’re investing approximately ₹ 450 Crores in a state-of-the-art vessel to replace Kings Casino, doubling our capacity to approximately 4,000 positions. Slated for launch end of this year, it will offer a curated mix of world-class gaming, gourmet dining, wellness and entertainment, casual food courts, vibrant sports bars, a wellness retreat, kids’ zones, premium retail, and immersive entertainment, delivering a guest experience unlike any other in India.

Our flagship events – Immortals Poker Festival, MegaPlay New Year, Quest for the Andar Bahar Legends and Deltin Star Weekend – cemented our reputation as India’s premium gaming brand.

In addition, the launch of DeltinOne, our digital guest experience app, further personalises and elevates the Deltin journey. With seamless travel bookings, bespoke lifestyle privileges and intuitive dashboards, Deltin One redefines digital luxury, setting a new benchmark for premium entertainment experiences in India.

STRATEGIC REALIGNMENT: ONLINE GAMING EXIT

In a shareholder-first decision, we exited the online gaming business by divesting Deltatech Gaming (Adda52) to Head Digital Works (HDW) for ₹ 491 Crores, with a post-merger stake of 5.7% in HDW, ensuring continued participation in the digital gaming space through a stronger, consolidated platform.

HDW is a frontrunner in India’s real-money online gaming space, with a strong portfolio in rummy and poker. With over 15 years of profitable growth, it is best known for “A23 Rummy”, one of India’s largest platforms, boasting a user base of 75 million.

Through our strategic stake in HDW, we remain invested in India’s rapidly evolving digital gaming landscape. Adda52 –India’s trailblazing online poker brand – will benefit from greater scale, synergy, and renewed momentum, reinforcing its market leadership. This integration paves the way for a robust, diversified card-gaming ecosystem and supports the consolidation of the country’s real-money gaming sector.

UNLOCKING VALUE: DEMERGER & REAL ESTATE PUSH

To sharpen focus and unlock long-term value, we are demerging our hospitality and real estate businesses into Delta Penland Limited, consolidating key assets including Deltin Suites, Goa (106-room casino hotel).

Additionally, our real estate development platform with Alpha Alternatives Fund Advisors LLP and Peninsula Land Limited (with a 765 Crores corpus) is focused on high-potential MMR regions such as Alibaug, Khopoli, and Karjat.

The platform recently acquired 2 land parcels totaling 40 acres in Alibaug and Karjat, emerging hotspots near Mumbai – with expansion plans underway across other high potential destinations. This acquisition affirms our strategy of building a robust portfolio of lifestyle-centric land offerings tailored to urban buyers seeking premium getaways and enduring value.

In parallel, we are entering the society redevelopment space in select Mumbai neighborhoods, targeting micro-markets with strong demand, excellent connectivity and aspirational living appeal.

ELEVATING INDIA ON THE GLOBAL STAGE

Today’s traveler demands immersive, tech-enabled, personalised luxury. At Deltin, we don’t just meet these expectations – we anticipate and shape them. From Goa to Daman, we are creating world-class entertainment destinations that blend Indian warmth with global sophistication.

Our flagship hotel - The Deltin, Daman has emerged as a premier wedding destination, boasting 176 rooms, a 5-star rating, 27,000 sq. ft. of indoor banquet space, and a sprawling 10-acre resort – the largest of its kind in the region. Equally noteworthy is Deltin Suites in Goa – our 106-room, all-suite 5-star casino hotel, celebrated for its heritage charm, refined ambience, world-class amenities, and exceptional dining experiences.

Our upcoming 440-room hotel in Tonca, Goa is in the final stages of construction, reinforcing our commitment to expanding premium hospitality offerings. Adjacent to the new international airport at Dhargalim, our landmark 88-acre integrated resort and water park is set to redefine entertainment and leisure in India. The integrated resort has received all the clearances and approvals. However, we have kept it on hold until we have further clarity on the GST issue.

Featuring multiple 5-star hotels, an electronic casino, theme park, retail complex, expo center, multiplex, gaming zones and family-centric attractions, the development is strategically aligned with our core gaming business and designed to attract both domestic and international travelers at scale.

REGULATORY OUTLOOK

We await judicial decisions on the Daman casino license and the GST matter. We remain optimistic about favorable outcomes, which will offer much-needed clarity and stability for the business.

OUTLOOK: POISED FOR THE NEXT LEAP

With India’s travel and leisure sectors booming, propelled by better infrastructure, rising incomes, and growing tourism, we are well positioned to ride the next growth wave. Our initiatives are strengthening our market position, boosting efficiencies, and enhancing stakeholder value.

OUR PEOPLE, OUR PILLARS

At the heart of our success is our team. Delta Corp is powered by a passionate and experienced team dedicated to our business and our guests. Our people strategy centers on three key priorities: talent and leadership, workplace culture, and capability building. Across all segments, our teams maintain a strong focus on operational excellence. Their commitment enables us to elevate customer experiences, drive positive outcomes for communities and create lasting value for our shareholders.

IN CLOSING

With optimism and strategic clarity, we move ahead – navigating uncertainty, capturing opportunities, and delivering value. I thank the Board for their guidance, our customers for their trust, and our stakeholders for their enduring support.

We’re just getting started. Thank you for being part of this journey.

Warm regards,

JAYDEV MODY
Chairman