The vote was originally expected to take place on Dec. 11 but was pushed back to Dec. 29. The debt behind this interest is from a $300 million interest-only term loan due October 2023. focused on providing our readers with accurate news, reviews and in-depth guides. At the time of this writing Will Ashworth did not hold a position in any of the aforementioned securities. … US online gambling company Golden Nugget Online Gaming (GNOG) completed on Tuesday a previously announced merger with a special purpose acquisition company and is set to commence trading on NASDAQ later today, December 30. Pending approval, the entity will be able to separate the Golden Nugget Atlantic City online and land-based gaming operations. This is more than just a race. Hickey believes that Golden Nugget has a first-mover advantage in an industry that is growing exponentially. With four states on board online gaming: New Jersey, Michigan, Pennsylvania and West Virginia – and more to come – it’s natural that more analysts will start to sniff around its operations. Golden Nugget Atlantic City Hotel and Casino saw GGR tumble 49% year-on-year. Landcadia is a "blank-check" company, or one whose purpose is to merge … Landcadia Investor Votes Needed to Expedite Golden Nugget Online Merger. GNOG’s partnership with The Greenbrier secured the digital gambling operator with access to all four privately operated online gaming markets in the US, with New Jersey, Michigan, and Pennsylvania being the other three. And that debt will weigh on Golden Nugget Online Gaming's path to profitability given it comes at 14%. Golden Nugget Online Gaming will go public on the Nasdaq exchange following a special-purpose reverse merger with blank check company Landcadia Holdings II. In the past three months, GNOG stock has gone up about 60% and is … A number of other large investors have also recently added to or reduced their stakes in GNOG. Golden Nugget Online Gaming to go public in deal with Fertitta's Landcadia blank-check co. By Olivia Pulsinelli – Assistant managing editor, Houston Business Journal Fertitta commented: “Golden Nugget is one of the most time-honored brands in the gaming business today. GNOG stock is one of the few special purpose acquisition company (SPAC) mergers that generates an operating profit. The merger vote is December 29 with ticker … Press J to jump to the feed. And it said that it had taken in over $2 billion of bets. 83. Rightfully so, Golden Nugget’s proposed reverse merger with Landcadia II has generated a lot of interest from investors and those who follow online gaming and sports betting. There Are Better Options in Streaming. Landcadia Holdings II, Inc. (NASDAQ:LCA) is taking steps to ensure it’s able to finalize its merger with Golden Nugget Online Gaming (GNOG). Thomas and his team have done a remarkable job, are the best in the industry, and with this transaction, will have access to growth capital to allow for the rapid expansion … In the third quarter, its net revenue increased 92% to $25.9 million, from $13.5 million, while its operating profit jumped 92% to $8.2 million. Landcadia Holdings II SPAC is merging with Golden Nugget Online Gaming (GNOG). The merger approval is conditional on GNOG supporting the Atlantic City casino; Golden Nugget’s reps are confident that New Jersey employment will grow ; The main reason for going public is to raise capital for interstate expansion; Michigan online gaming is expected to launch within weeks; … Further, it should be around $8.5 million or about 25% of what it would have paid under the full $300 million loan. New Jersey Regulator Approves Golden Nugget Online Gaming Internet Gambling License, Merger The merger approval is conditional on GNOG supporting the Atlantic City casino Golden Nugget’s reps are confident that New Jersey employment will grow The main reason for going public is to raise capital for interstate expansion News emerged in June that Mr. Fertitta’s online gaming and sports betting company would be its acquisition target. 83. Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 0%. Golden Nugget online casino is putting pedal to the metal with its 2021 Race Kickoff featuring $5 million in total prizes.. HOUSTON, Jan. 21, 2021 /PRNewswire/ -- Golden Nugget Online Gaming (Nasdaq: GNOG) has received authorization from the Michigan Gaming Control Board (MGCB) to start offering its Online Casino … Here’s why. September 9, 2020. He lives in Halifax, Nova Scotia. The future of Golden Nugget Online got a little more clear with the expectation of a completed merger. , it raised $316.3 million in cash. Hickey is the first analyst to provide coverage of the online gaming stock. As much as I’m not a fan of Golden Nugget Online Gaming (NASDAQ:GNOG) Chief Executive Officer Tilman Fertitta, I will give the billionaire credit. It is a way to get your share of millions of dollars in guaranteed prizes that the NJ online casino is giving away. in the first nine months of fiscal 2020, through Sept. 30, from $68.1 million in sales, is a breath of fresh air. All rights reserved. Thomas Winter will retain his role as President of the online gambling company and the rest of the GNOG team will too continue in their previous roles. After closing and the repayment of $150 million of that debt, the interest rate was reduced to 6%. Last updated on: December 18, 2020, 02:44h. Copyright © Got It! Founded in 2014, CasinoNewsDaily aims at covering the latest news from the casino industry world. However, if you go farther down the income statement, you’ll see that its pre-tax income was only $3.4 million due to $19.1 million in interest expense. The Landcadia Holdings II SPAC merger with Golden Nugget's online gaming business to create GNOG stock is too good to be true. Golden Nugget Online Gaming, Inc. is registered with the U.S. Security and Exchange Commission and incorporated in the state of Delaware. Now as the SPAC merger was finalized, Mr. Fertitta will continue to serve as GNOG’s CEO and Chairman. Pass on FuboTV Stock. Will Ashworth has written about investments full-time since 2008. On Tuesday, shareholders of Landcadia Holdings II (NASDAQ:LCA)., a special-purpose acquisition company, better known as SPAC, approved a merger with the fast-growing online gambling company . Nwam LLC purchased a new position in shares of Golden Nugget Online Gaming, Inc. (NASDAQ:GNOG) in the 4th quarter, HoldingsChannel.com reports. ATLANTIC CITY, N.J. - New Jersey’s Casino Control Commission granted a casino license to Golden Nugget Online Gaming, LLC, as an internet gaming affiliate of Golden Nugget Atlantic City. As a public company, GNOG will pursue expansion in various states where online gaming and sports betting are legal. GNOG was the past recipient of 15 eGaming Review North America Awards, including the coveted "Operator of the Year" award in 2017, 2018, 2019 and 2020. Last updated on: December 18, 2020, 02:44h. The good news is that the $150-million reduction in debt means the annual interest cost from Q1 2021 forward will be based on 6% interest and not 12.34%. By subscribing you are certifying that you are over the age of 18. Nasdaq Golden Nugget Online Gaming (NASDAQ: GNOG) went public on Dec. 30, after merging with a SPAC (special purpose acquisition … Golden Nugget Online Gaming (GNOC) Short-Term, Long-Term Stock Projections. Moreover, Golden Nugget Online Gaming said that its gross gaming revenue had jumped 72% in the first nine months of 2020. Golden Nugget is a household name throughout the United States and its iGaming business is a well-established leader in New Jersey, the largest online gaming market in North America. Golden Nugget Online Gaming (GNOG) has earned a crucial approval for its merger with special purpose acquisition company Landcadia Holdings II Inc. from New Jersey gambling regulators. Landcadia in a filing said it will ask shareholders to approved the SPAC's propose;d merger with online gaming company Golden Nugget. (RTTNews) - Landcadia Holdings II, Inc. (LCA) has agreed to acquire Golden Nugget Online Gaming, Inc., a US online real money casino owned by Tilman … Golden Nugget Online Gaming just revealed its second-quarter earnings on Aug. 18. 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