India’s only publicly listed company in the casino gaming industry, Delta, had an impressive run in the last quarter of 2017. Its revenue climbed by 11%, while its EBITDA (earnings before interest, taxes, depreciation and amortization) rose a modest 5%. Net revenue year on year was up by 64% and its EBITDA ticked up 6%.

As reported by Union Gaming Asia, Delta’s casino operations, which are composed of Goa riverboat casinos, contributed the most to the increase in revenue. Online gaming and hospitality ventures assisted, but not to the levels of the riverboats.

Due to a strict political environment in the country, India’s gaming industry is much smaller than what is found in other countries. However, it’s a growing market that is expected to see rapid growth in the near term. Already in the first quarter of 2018, the industry as a whole saw an increase in revenue of 73%.

Although it has experienced growth in the past year, Delta is limited from large-scale expansion due to the riverboats. The confined spaces don’t allow for additional offerings, and Delta will need to move onshore if it wants to continue growing, according to Union Gaming analyst Grant Govertsen. Nonetheless, Delta’s casino revenue growth is expected to grow by 29% in the next fiscal year (FY) and 22% in FY2020. Delta could launch land-based casinos as early as FY2022 once integrated resorts begin to be offered in the country.