Golden Nugget Online Gaming has enjoyed another ‘pandemic-proof’ quarter of trading according to its Q3 financial results for the period ended September 30 2020.
The ‘selected’ financial results covering the firm’s New Jersey operations revealed gross gaming revenues ahead by 93% to $28.9m ($14.9m 2019) while net revenue of $25.9m ($13.5m 2019) increased by 92%. Operating income also surged by 92% to $8.2m ($4.2m 2019).
More generally, the company reported that it is working towards launching its mobile sports betting and casino operations in Michigan, possibly by the end of the year, regulatory approvals permitting, and its licensing process is ongoing in Pennsylvania.
The firm also told investors that it is actively pursuing market access opportunities to further expand its US operations across multiple states, and believes that the accelerated growth of online gaming revenues in New Jersey and Pennsylvania will encourage more states to consider online casino legislation in 2021 and 2022.
“We are very pleased with yet another quarter of profitable growth. Our pandemic-proof business model keeps showing its resilience in New Jersey and we look forward to expanding operations in Michigan,” said Tilman J Fertitta, GNOG’s owner.
Thomas Winter, President, added: “Our third quarter confirmed and amplified our momentum in New Jersey, with record revenues supported by all-time-high player activity, sustained marketing investments and 64 new casino games, 20 of which we launched on an exclusive basis. Based on our October revenues, we believe that we could generate over $100m of gross gaming revenue in New Jersey this year.”
As previously reported on June 28, 2020, GNOG entered into a purchase agreement with Landcadia Holdings II, a special purpose acquisition company, pursuant to which GNOG will become a public company listed on Nasdaq.
Subject to completion by the Securities and Exchange Commission of its review of Landcadia II’s proxy statement, and subject to certain closing conditions, including regulatory approval, GNOG anticipates the transaction to close before the end of November 2020.