Golden Nugget Online reports strong growth ahead of Nasdaq listing19th August 2020 8:20 am GMT
US iGaming operator Golden Nugget Online Gaming has issued a trading update ahead of its planned public listing on Nasdaq, with net revenue in the second quarter of the year climbing 78 per cent year-on-year.
Golden Nugget Online Gaming’s (GNOG) operations in New Jersey achieved gross gaming revenue of $28.2m in the second quarter ended June 30, an increase of 85 per cent year-on-year, with net gaming revenue rising by 78 per cent to $24.8m.
Operating income for the period amounted to $8.5m, a 74 per cent improvement on the second quarter of 2019.
“Our second quarter beat our target, supported by record players activity and Average Revenue per User (ARPU),” said GNOG senior vice president and general manager Thomas Winter.
“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. We look forward to expanding our operations to Pennsylvania and Michigan, where our licensing process is ongoing.
“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,” added Winter.
GNOG is expected to go public before the end of September on New York’s Nasdaq market through a combination with special purpose acquisition vehicle Landcadia II, which is co-sponsored by Fertitta Entertainment and Jefferies Financial Group.