Golden Nugget Online Gaming today reported financial results for the third quarter of 2020.
For the three months ended September 30, 2020, for its New Jersey operations, GNOG reported gross gaming revenues of $28.9 million (compared to $14.9 million year over year, an increase of 93%), net revenue of $25.9 million (up 92% over last year’s $13.5 million), and operating income of $8.2 million (92% more than 2019’s $4.2 million in the third quarter).
“Our pandemic-proof business model keeps showing its resilience in New Jersey and we look forward to expanding operations in Michigan,” said Tilman Fertitta, GNOG’s owner.
Thomas Winter, president of GNOG added, “Our third quarter confirmed and amplified our momentum in New Jersey, with record revenues supported by all-time-high player activity, sustained marketing investments and 64 new casino games, 20 of which we launched on an exclusive basis. Based on our October revenues, we believe that we could generate over $100 million of gross gaming revenue in New Jersey this year.”
Golden Nugget Online Gaming also reported that it is working toward a launch of its mobile sports betting and casino operations in Michigan, possibly by the end of the year, regulatory approvals permitting. In addition, its licensing process is ongoing in Pennsylvania.
Houston billionaire Tilman Fertitta is in the final stages of completing a reverse merger with Lancadia II, a special-purpose acquisition company co-sponsored by Fertitta Entertainment, Inc. and Jefferies Financial Group Inc. At its completion, Golden Nugget Online Gaming will be spun off as a separate public company valued at $900 million and traded on NASDAQ under the symbol GNOG. It will own Golden Nugget’s current online gaming business in New Jersey and its planned online gaming businesses in Pennsylvania and Michigan. Pending final review by the Securities and Exchange Commission and subject to conditions, the deal is expected to close by the end of November.
