After a reverse merger with blank check company Landcadia Holdings II, Golden Nugget Online Gaming will go public on Nasdaq exchange.
The online gaming division of Golden Nugget casino operator, owned and operated by Tilman Fertitta and Landry’s Incorporated, thus becomes the second ever online casino operator to be traded publicly on a US exchange.
The deal will be finalized in 2020’s Q3…
…and will see Golden Nugget Online Gaming’s shares traded on the Nasdaq under the GNOG ticker symbol. GNOG is valued at around $745 million, which is six times more of its projected 2021 revenue of $122m.
Golden is the undisputed leader in the online gaming market of New Jersey, which is the oldest iGaming jurisdiction in the US. It is responsible for 33.8% of the state’s $85.9 million gross gaming revenue in May.
The brand also has market agreements in Pennsylvania and Michigan. Their launch in these states is subject to regulatory approvals and should happen at some point next year.
Their joint partner company, Landcadia II, is a blank check company established to act as a vehicle through which a business can secure a public listing.
It was created through a joint venture between Investment bank Jeffries LLC and Fertitta.
Co-chair of Landcadia and Jeffries CEO, Rich Handler, had this to say on the ongoing matter:
“GNOG is one of the best positioned companies to capitalize on this massive online gaming opportunity in the US. We at Jefferies couldn’t be more thrilled to partner with Tilman and bring this great opportunity to the public markets.”
Fertitta will retain his role of a CEO and a chairman, while Thomas Winter will continue as the president. Winter’s efforts were praised by Fertitta, because he grew the operator’s footprint in the seven years since the launch of Golden Nugget Online Gaming.
“Golden Nugget is one of the most time-honored brands in the gaming business today. When customers hear the name Golden Nugget, they know they are dealing with a trusted online gaming business.
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 of the business.”
“Golden Nugget Online Gaming To Become Public”, prnewswire.com, June 29th 2020