Golden Nugget Online Gaming posts 63% revenue rise and recruits Kevin Vonasek
Operator records double-digit leap in revenue and EBITDA after launching online in Michigan and going public via SPAC deal
Golden Nugget Online Gaming (GNOG) has reported a 63% year-on-year (YoY) increase in 2020 full-year revenue.
The US operator posted total revenue of between $90m and $91m in its unaudited estimates, compared to the $55.4m reported in 2019.
Gross gaming revenue (GGR) also grew, with GNOG posting between $101m and $102m compared to $60.9m in 2019.
Of this GGR, $79m was derived from actual gaming revenue, while the remaining $22m was as a result of “progressive jackpot accruals and promotional credits wagered”.
The firm also recorded an increase in EBITDA, with estimates of between $23m and $24m compared to $17.6m in 2019, representing a 38% YoY rise.
GNOG CEO Tilman Fertitta said: “We are very pleased with yet another year of rapid and profitable growth. 2020 was a transformational year for GNOG, which went public, reached $100m in GGR and signed market-access agreements in multiple states.
“We look forward to replicating our New Jersey success in many other states and taking advantage of the strong growth of online gaming in the US,” he added.
GNOG has also started online operations in Michigan after going live on January 22 in partnership with Ojibwa Casino.
Thomas Winter, GNOG president, said he expects the group’s business in Michigan to exceed initial predictions.
“We are thrilled to be live in Michigan and are optimistic on the revenue opportunity,” said Winter. “We have just launched our marketing campaign and are already recording close to $2m in daily casino wagers.
“Michigan is embracing online gaming at a rapid pace and we anticipate that our business in the Great Lakes State will exceed our earlier expectations,” he added.
Elsewhere, GNOG has appointed former Scientific Games Digital exec Kevin Vonasek as the group’s VP of corporate development.
The former NYX Gaming Group CPO will be responsible for leading GNOG’s state-by-state expansion, as well as oversight of product.
Speaking on his arrival, Vonasek said: “For many years I have held the Golden Nugget team and their accomplishments in the highest regard. I am very excited to be joining the team and I look forward to helping GNOG expand its market leading position across every US igaming market.”