Delta Corp (DELTA) operates three floating casinos (Deltin Royale, Deltin Jaqkand Deltin Caravela) and one onshore casino (Deltin Casino- part of Deltin Suites) in Goa. Deltin Royale and Deltin Jaqk are DELTA's major casinos with vessel passenger capacity of 200-400. Deltin Caravela and Deltin Casino are relatively small with passenger capacity of 200 or less. DELTA incurs INR370m as license fee to operate the four aforementioned casinos. However, the outlay for the four licenses would increase to INR1,050m once the revised fee structure becomes effective. We believe the increased license fee would have a significant impact on Deltin Caravela and Deltin Suites, as they operate on a relatively small scale(accounting for 6% of DELTA's overall revenue for FY19E). This would likely make it unfeasible for DELTA to operate these two casinos.