Diwali is finally behind us and life is slowly getting back to normal. But today, no Diwali party is complete without card games and now, increasingly, ‘casino’ parties. Gambling has existed in India for far longer than modern history accounts. It is even written about in the Ramayana, which some believe dates back to 7300 BC. In the Mahabharata, the concept of gambling and its terrible consequences are well known.The point that I am trying to make is that gambling in India is as old as the hills and will continue to thrive in one form or the other, whether legally or illegally.
The reason I am talking about gambling is because I just returned from a long, lazy vacation in Goa — a state synonymous with beaches, great food and wholesome fun. But in recent years, there is an addition to the to-do list in Goa, and that’s a visit to the casino. No one leaves Goa without going to a casino at least once. And yours truly is no exception — I spent three nights straight, from 10.30 pm to 5 am, at the casino. Let’s not talk about the winnings because whatever was won was taken away by my wife for some ‘Goa shopping’. I went to Casino Royale on two occasions and once to Pride (a competing casino) and really enjoyed myself. What really caught my attention was how full the casinos were. It was a literal struggle to get a seat at the tables.
Back home, when I was reflecting on my visit, the thing that seemed amply clear to me was that Delta Corp was at the right place at the right time. This is a stock that I have covered since my early days at Rare Enterprises and while it has had momentary upswings, by and large, it has disappointed most investors. But I believed in the story then and am far more convinced now. My Goa visit has reinforced the fact that it’s time to take another look at the Delta story and revisit th