Golden Nugget Online Gaming announces record Q2 results
GGR in New Jersey surges 85% year on year as operator achieves record player activity and ARPU
Golden Nugget Online Gaming (GNOG) has reported GGR of $28.2m in New Jersey during the second quarter, an 85% increase on the $15.3m generated in Q2 2019.
Net revenue for its operations in the Garden State was $24.8m, equating to a 78% rise on the $13.9m racked up in the corresponding period last year.
Meanwhile, the company reported operating income of $8.5m for the three months to the end of June, which was up 74% year on year.
The company has released its financial performance after entering into a transaction with SPAC Landcadia Holdings in June to become a subsidiary of Lancadia.
As part of the $745m deal, the operator changed its name to Golden Nugget Online Gaming, Inc. and will go public on the Nasdaq.
Thomas Winter, SVP and general manager of GNOG, said: “Our second quarter beat our target, supported by record players activity and ARPU.
“Our online play has remained strong in July and into August, and we are confident that we will exceed our revenue and operating income forecast in New Jersey this year.”
According to figures released last week by New Jersey’s Division of Gaming Enforcement, Golden Nugget’s online casino license (Golden Nugget, Betfair, SugarHouse, BetAmerica) once again dominated the market with $31.5m in GGR.
The Golden Nugget license has led the New Jersey online gaming market in terms of revenue performance for the past four years.
GNOG also revealed it is currently gearing up to launch online casino in Pennsylvania and Michigan once licenses are approved.
Winter added: “We are closely monitoring the legislative momentum in other states and, with the access to capital provided by the proposed transaction with Landcadia, we will seek to expand our US online gaming business, wherever regulations provide for profitable growth opportunities.”