A casino owner separates his online gambling business into a separate company and makes it a public company.
Tilman Fertitta, the Houston-based billionaire who owns the Golden Nugget Casino brand, announced Monday that he has signed an agreement with Landcadia II, a special-purpose acquisition company sponsored by entertainment company Fertitta and publicly traded on NASDAQ for its online. operation.
According to the press release, when the deal is finalized, Landcadia II will change its name to Golden Nugget Online Gaming Inc. It will trade on the NASDAQ under the ticker symbol “GNOG.” The deal is expected to be finalized in the third quarter of this year and will reward the company at $ 745 million visit KaptenCasino.
“GNOG is one of the companies best positioned to take advantage of this massive online gaming opportunity in the US,” said the Co-Chair of Lancadia II and CEO of Jeffries LLC, Rich Handler, in a statement. “We at Jeffries are delighted to partner with Tilman and bring this great opportunity to the public market.”
With the COVID -19 pandemic crippling the brick-and-mortar casino industry, areas where online gaming is legal are seeing increased demand. The entire American casino industry closed in mid-March and New Jersey online casinos set records.
New Jersey online casino operators set a record for online gaming revenue in May. Garden State’s online poker room saw the all-time highest revenue in April.
Golden Nugget’s online operations captured the lion’s share of New Jersey’s online market share during the boom. In May, the company generated $ 29.1 million in revenue, which is about one-third of the $ 85.9 million won from New Jersey gamblers by online casinos.
Golden Nugget has been operating online since 2013, became profitable in 2016, was the first online gaming company to launch Live Dealer games in the US and has also obtained official approval from Pennsylvania and Michigan, two other regulated online gaming markets.
“Golden Nugget is one of the most respected brands in the gaming business today,” said Fertitta in a statement. “When customers hear the name Golden Nugget, they know they are dealing with a trusted online gaming business.”
The $ 745 million approved valuation was calculated by taking 6.1 times GNOG’s estimated revenue of $ 122 million. Fertitta will serve as Chairman and CEO of the company and will hold an economic interest and a controlling voice in the new joint venture.
10 TOP SITE