Golden Nugget secures Illinois sports betting and iGaming market access20th November 2020 9:39 am GMT
Golden Nugget Online Gaming (GNOG) has secured access to Illinois' iGaming market through a definitive agreement with Danville Development.
Danville Development is a joint venture between Wilmot Gaming Illinois and GN Danville, a wholly owned subsidiary of Golden Nugget, which will build a new Golden Nugget casino in the city, subject to obtaining necessary approvals.
Under the definitive agreement, GNOG will hold the exclusive right to offer online sports wagering and, if permitted by law in the future, online casino wagering.
In addition, GNOG has committed to provide a mezzanine loan in the amount of $30m to Danville Development for the development and construction of the casino. GNOG’s market access agreement is for a term of 20 years and requires GNOG to pay Danville Development a percentage of its online net gaming revenue, subject to minimum royalty payments over the term.
“Wilmot is pleased to deliver Golden Nugget and GNOG to the City of Danville and is excited to partner with Tilman J. Fertitta,” said Wilmot vice president James A. Wilmot. “The Golden Nugget is a nationally recognized brand and strengthens the submission, provides additional opportunities, and upgrades the overall project.
“The Wilmot family would also like to personally acknowledge the efforts and support of the City Council and Mayor of Danville, IL; without their diligence and attention to detail this project would not be possible.”
Tilman J. Fertitta, owner and CEO of Golden Nugget and GNOG, commented: “This is Golden Nugget’s first joint venture on a casino project, and we are honored to be the one selected amongst numerous bidders for this opportunity by the Wilmot family after a highly competitive process.
“Having the ability to grow the Golden Nugget brand in Illinois in both the online and land based markets is an exciting opportunity.”
GNOG president Thomas Winter added: “We are thrilled to gain market access in Illinois, the 5th most populous US state and the largest to have regulated mobile wagering to date. This is a tremendous opportunity for us to further increase our US footprint and deliver on our ambitious growth plans. We look forward to bringing our award-winning online offerings to the Prairie State.”