Golden Nugget reports record revenue as SPAC deal nears completion
Online operator’s Q3 GGR soars 93% on increased player activity and exclusive game launches
Golden Nugget Online Gaming (GNOG) has reported a 93% annual uptick in Q3 GGR to $28.9m as the operator ties up its IPO with SPAC Landcadia II.
The $745m deal that will see GNOG go public and fund its expansion into new igaming states is due to be completed in November.
The operator’s net revenue in Q3 rose 92% to $25.9m, with an operating income of $8.2m.
During the period, GNOG experienced an all-time high for player activity, which is expected to generate full-year revenue of $100m.
GNOG is currently live with betting and igaming in New Jersey alone, but plans to expand into Michigan by the end of the year.
Michigan’s online gaming and sports betting regulations are likely to be ratified in early 2021, with most of the leading online operators in the US eyeing up the market.
GNOG’s Pennsylvania license is still pending approval.
Thomas Winter, GNOG president, said the operator has launched 64 new casino games during Q3, 20 of which were exclusive.
“Based on our October revenues, we believe that we could generate over $100m of GGR in New Jersey this year,” Winter added.