The new online gaming operation will go public and list on NASDAQ. Log In Sign Up. It was in November again when GNOG penned a deal with Greenbrier Hotel Corporation to offer online gaming and sports betting with The Greenbrier casino resort in White Sulphur Springs, West Virginia. When Landcadia Holdings (NASDAQ: LCA) signed a merger agreement with Golden Nugget Online Gaming on June 29, LCA stock took off like a … Golden Nugget Online Gaming, as an internet gaming affiliate of Golden Nugget Atlantic City, was granted a casino license on Wednesday by the New Jersey Casino Control Commission, which also conditionally approved a merger of GNOG with an existing special purpose acquisition company that is already being traded on Nasdaq.. Landcadia Holdings II, a blank-check company launched by … The Golden Nugget has already established a position as an online gaming market leader in New Jersey and plans to expand into Pennsylvania and Michigan in early 2021. If approved, the combined company would have a vaulation of about $745 million. Landcadia Investor Votes Needed to Expedite Golden Nugget Online Merger. 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 … Nwam LLC purchased a new position in shares of Golden Nugget Online Gaming, Inc. (NASDAQ:GNOG) in the 4th quarter, HoldingsChannel.com reports. We have seen plenty of IPOs over the course of 2020. for what essentially works out to a $300 million loan by Landcadia Holdings II shareholders to Golden Nugget. GNOG was the past recipient of 15 eGaming Review North America Awards, including the coveted "Operator of the Year" award in 2017, 2018, 2019 and 2020. with a buy rating and a $27 target price. With total assets of $171.7 million, its debt post-combination is $141 million, or 82% of its total assets. At the time of this writing Will Ashworth did not hold a position in any of the aforementioned securities. All rights reserved. Posted on: December 18, 2020, 12:23h. Golden Nugget Online Gaming will join the public markets this week. The good news is that the $150-million reduction in debt means the annual interest cost from Q1 2021 forward will be based on 6% interest and not 12.34%. , from $13.5 million, while its operating profit jumped 92% to $8.2 million. It’s official: Golden Nugget Online Gaming (GNOG) is now a publicly traded corporation.It achieved that feat without an initial public offering, by merging with Landcadia Holdings II, a special purpose acquisitions company (SPAC).. SPACs have been all the rage on Wall Street of late, especially within the gambling industry. focused on providing our readers with accurate news, reviews and in-depth guides. Golden Nugget Online Gaming will go public on the Nasdaq exchange following a special-purpose reverse merger with blank check company Landcadia Holdings II. That wasn’t a surprise. The deal is expected in the later half of 2020. Fertitta commented: “Golden Nugget is one of the most time-honored brands in the gaming business today. The 2021 estimates are for Golden Nugget Online Gaming, Inc. earnings to decrease by 0%, but the outlook for the next 5-year period is at 0% per year. Call it a wagering race. ATLANTIC CITY, N.J. - New Jersey’s Casino Control Commission granted a casino license to Golden Nugget Online Gaming, LLC, as an internet gaming affiliate of Golden Nugget Atlantic City. Copyright © 2021 InvestorPlace Media, LLC. Golden Nugget Online Gaming, Inc is primarely in the business of services-prepackaged software. This page includes all SEC registration details as well as a list of all documents (S-1, Prospectus, Current Reports, 8-K, 10K, Annual Reports) filed by Golden Nugget Online Gaming, Inc.. As a result, GNOG stock should have tremendous growth ahead of it. Matt McCall and the InvestorPlace Research Staff, Don’t Buy CCIV Stock Now. However, if you go farther down the income statement, you’ll see that its pre-tax income was only $3.4 million due to $19.1 million in interest expense. Landcadia is a "blank-check" company, or one whose purpose is to merge … Hickey is the first analyst to provide coverage of the online gaming stock. (RTTNews) - Landcadia Holdings II, Inc. (LCA) has agreed to acquire Golden Nugget Online Gaming, Inc., a US online real money casino owned by Tilman … Assuming the vote goes through on Dec. 29, Golden Nugget Online (GNOG) will hope to finalize the merger before the year-end. The future of Golden Nugget Online got a little more clear with the expectation of a completed merger. Landcadia Holdings II, Inc. (NASDAQ:LCA) is taking steps to ensure it’s able to finalize its merger with Golden Nugget Online Gaming (GNOG). Lancadia Holdings II (LCA) is a special purpose acquisition company (SPAC) with intentions of reverse-merging with online gaming and casino company Golden Nugget. Landcadia Investor Votes Needed to Expedite Golden Nugget Online Merger. Article printed from InvestorPlace Media, https://investorplace.com/2021/01/gnog-stock-spac-merger-too-good-to-be-true/. On Monday, Golden Nugget announced that the Landcadia Holdings and Golden Nugget Online merger could be official in the coming weeks. GNOG is the iGaming and sports betting division of Tilman Fertitta-owned casino empire Golden Nugget. And it said that it had taken in over $2 billion of bets. After early repayment fees, costs of the IPO, etc., are taken into account, that amount drops to $85.2 million. This is more than just a race. If you look through its documents from its Dec. 29, merger with Landcadia Holdings II, you will see that Fertitta pulled off a classic sleight-of-hand trick while retaining control of the business. 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It also conditionally approved a merger of Golden Nugget Online Gaming with Landcadia Holdings II Inc., a company currently traded on NASDAQ as “LCA” that plans to change its name to Golden Nugget Online Gaming Inc. and its trading symbol to “GNOG.” Landcadia is a special-purpose acquisitions company owned by Golden Nugget owner Tilman Fertitta. The debt behind this interest is from a $300 million interest-only term loan due October 2023. The vote was originally expected to take place on Dec. 11 but was pushed back to Dec. 29. It also conditionally approved a merger of Golden Nugget Online Gaming with Landcadia Holdings II Inc., a company currently traded on NASDAQ as “LCA” that plans to change its name to Golden Nugget Online Gaming Inc. and its trading symbol to “GNOG.” It secured the loan and advanced the funds to GNOG in the form of an intercompany note. Mr. Fertitta and Jefferies formed Landcadia and took it public in 2019. Most of the offerings in 2020 have 1999 written all over them, so the fact GNOG made $14.5 million in the first nine months of fiscal 2020, through Sept. 30, from $68.1 million in sales, is a breath of fresh air. Yes, it’s losing money, but the upside potential in revenue growth is so much greater than Golden Nugget. Golden Nugget Online Gaming, the online division of the Golden Nugget chain of casinos owned and operated by Landry’s Incorporated and owned by Tilman Fertitta, will become only the second online casino operator […] ATLANTIC CITY — Golden Nugget Online Gaming is one step closer to being listed on Wall Street following a licensure and merger approval Wednesday by state regulators. Golden Nugget online casino is putting pedal to the metal with its 2021 Race Kickoff featuring $5 million in total prizes.. The new entity will be only the second pure publicly traded online casino company in … This was done even though it is still a private company and has not yet merged … The vote was originally expected to take place on Dec. 11 but was pushed back to Dec. 29. For this reason, I will always recommend interested investors put their gambling dollars on DraftKings instead of GNOG stock. Golden Nugget Online Gaming (GNOG) has earned a crucial approval for its merger with special purpose acquisition company Landcadia Holdings II Inc. from New Jersey gambling regulators. Golden Nugget Online Gaming (GNOG) has earned a crucial approval for its merger with special purpose acquisition company Landcadia Holdings II Inc. from New Jersey gambling regulators. Sure, some of them are unicorns in the early stages of growth, which will give them the scale to make money, but they’re still cash drains. The newly formed entity will go public on NASDAQ later today and will trade under the ticker symbol GNOG. Well, Golden Nugget’s $22.5 million operating profit (before the merger) for the first nine months of 2020 on $68.1 million in revenue is certainly attractive. Moreover, Golden Nugget Online Gaming said that its gross gaming revenue had jumped 72% in the first nine months of 2020. January 7, 2021. By Zack Jones On Jan 24, 2021. Last updated on: December 18, 2020, 02:44h. With four states on board online gaming: New Jersey, Michigan, Pennsylvania and West Virginia – and more to come – it’s natural that more analysts will start to sniff around its operations. We are HOUSTON, Jan. 21, 2021 /PRNewswire/ -- Golden Nugget Online Gaming (Nasdaq: GNOG) has received authorization from the Michigan Gaming Control Board (MGCB) to start offering its Online Casino … In the third quarter, its net revenue increased 92% to. Landcadia Holdings II, Inc. Completes Acquisition of Golden Nugget Online Gaming. Hickey believes that Golden Nugget has a first-mover advantage in an industry that is growing exponentially. New Jersey Regulator Approves Golden Nugget Online Gaming Internet Gambling License, Merger The merger approval is conditional on GNOG supporting the Atlantic City casino Golden Nugget’s reps are confident that New Jersey employment will grow The main reason for going public is to raise capital for interstate expansion Landcadia in a filing said it will ask shareholders to approved the SPAC's propose;d merger with online gaming company Golden Nugget. Golden Nugget Online Gaming, as an internet gaming affiliate of Golden Nugget Atlantic City, was granted a casino license on Wednesday by the New Jersey Casino Control Commission, which also conditionally approved a merger of GNOG with an existing special purpose acquisition company that is already being traded on Nasdaq.. Landcadia Holdings II, a blank-check company launched by … Golden Nugget Online Gaming Inc. has asked the state of New Jersey to approve its merger agreement with special purpose acquisition company (SPAC) Landcadia Holdings II Inc. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. Landcadia Holdings II SPAC is merging with Golden Nugget Online Gaming (GNOG). There Are Better Options in Streaming. Follow us on Facebook and Twitter to stay up to date on the day’s top casino news stories. It is a way to get your share of millions of dollars in guaranteed prizes that the NJ online casino is giving away. Golden Nugget Online Gaming (NASDAQ: GNOG) went public on Dec. 30, after merging with a SPAC (special purpose acquisition … Golden Nugget Online Gaming Completes Merger and Goes Public Golden Nugget Online Gaming (GNOG) is an online gambling company based in the United States that recently completed a merger with Landcadia Holdings II, Inc. It finished the third quarter Q3 with no debt and $2.6 billion in total assets. Golden Nugget Online Gaming, Inc. is registered with the U.S. Security and Exchange Commission and incorporated in the state of Delaware. Golden Nugget is a household name throughout the United States and its iGaming business is a well-established leader in New Jersey, the largest online gaming market in North America. Posted on: December 18, 2020, 12:23h. Hickey is the first analyst to provide coverage of the online gaming stock. If the Golden Nugget Online Gaming merger goes through, it will become only the second pure, publicly traded online casino operating in the country … LF LLC, which stands for Landry’s Fertitta LLC, is one of Fertitta’s holding companies. Last month, the company landed an important deal in Illinois as the state’s gambling market is in the middle of its biggest expansion in many years. The rise in New Jersey’s online gaming has occurred in parallel to a steep decline in retail casino revenue. LANDCADIA HOLDI/SH CL A (NASDAQ: LCA) announced Monday that it is acquiring Golden Nugget Online Gaming, Inc. in a move to take Golden Nuggett’s online gaming business public. For financial reporting, their fiscal year ends on December 31st. After the proposed combination garnered enough shareholder support on Tuesday, Landcadia changed its name to Golden Nugget Online Gaming, Inc. News emerged in June that Mr. Fertitta’s online gaming and sports betting company would be its acquisition target. Last month, Golden Nugget Online Gaming announced it would be coming to the public markets through a merger with special-purpose acquisition company (SPAC) … Nasdaq GNOG is the iGaming and sports betting division of Tilman Fertitta-owned casino empire Golden Nugget. Except for a small amount to operate the SPAC, the rest went into a trust account where it sat earning interest until the merger at the end of December. US online gambling company Golden Nugget Online Gaming (GNOG) completed on Tuesday a previously announced merger with a special purpose acquisition company and is set to commence trading on NASDAQ later today, December 30. Golden Nugget Online Gaming (GNOC) has proven to be profitable for early investors, but indicators suggest that market shar value could dip in coming weeks. Now as the SPAC merger was finalized, Mr. Fertitta will continue to serve as GNOG’s CEO and Chairman. If you look through its documents from its Dec. 29, merger with. It is amending the purchase agreement to … Under the terms of GNOG’s partnership with Danville Development, Mr. Fertitta’s company will exclusively offer online sports betting and digital casino products with the future casino. After closing and the repayment of $150 million of that debt, the interest rate was reduced to 6%. Except for a small amount to operate the SPAC, the rest went into a trust account where it sat earning interest until the merger at the end of December. Golden Nugget Online Gaming, Inc is primarely in the business of services-prepackaged software. However, let’s not confuse this reality with Golden Nugget being a business worth owning. Rightfully so, Golden Nugget’s proposed reverse merger with Landcadia II has generated a lot of interest from investors and those who follow online gaming and sports betting. Golden Nugget Online Gaming (GNOG) is now a publicly traded company following a merger with special purpose acquisition company (SPAC), Landcadia Holdings II, Inc. A majority of the SPAC’s stockholders voted in favor of the merger on Tuesday. 2021 InvestorPlace Media, LLC. When Landcadia Holdings II went public in May 2019, it raised $316.3 million in cash. Mr. Fertitta said that he is pleased the combination finally close and that they see “tremendous opportunity in the online gaming space and are excited to be a part of it.”. Houston, Texas-based Golden Nugget Online Gaming (NASDAQ:GNOG) stock has been hot since November. Copyright © Golden Nugget Online Gaming (GNOC) Short-Term, Long-Term Stock Projections. By subscribing you are certifying that you are over the age of 18. Landcadia shareholders voted in favor of the business combination at a special meeting held Tuesday. More info 160K Yolo - Golden Nugget Online Gaming (GNOG) - Dec. 29 Merger. ET An original meeting was scheduled for December 18, but that one was adjourned because there were not enough investor votes to clear the tie-up. Subscribe today to receive weekly breaking news stories and industry updates! As I write this, GNOG rose more than 9% last week on news that Benchmark analyst Mike Hickey. 14 Things to Know About EV Play Evergrande Auto >>>, The Golden Nugget SPAC Merger Is Too Good to Be True, Most of the offerings in 2020 have 1999 written all over them, so the fact GNOG made. 25 days ago. Publications where he’s appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. GNOG partnered with Danville Development to form a joint venture and build a Golden Nugget-branded casino in the east-central Illinois town of Danville. 83. Here’s why. GNOG’s partnership with The Greenbrier secured the digital gambling operator with access to all four privately operated online gaming markets in the US, with New Jersey, Michigan, and Pennsylvania being the other three. … Mr. Fertitta is also the owner of the Golden Nugget chain of casinos as well as of GNOG itself. The merger vote is December 29 with ticker … Press J to jump to the feed. The blank check company raised $316 million for an acquisition. Golden Nugget Online Gaming is a leading online gaming company that is considered a market leader by its peers and was first to bring Live Dealer and Live Casino Floor to the United States online gaming market. There’s no question that Golden Nugget’s business is growing. Exchange Traded Concepts LLC […] The interest on the loan is London Interbank Offered Rate (LIBOR) plus 12% (12.34%). Through the first 10 months of 2020, Golden Nugget has reported more than $263 million from online gaming. Golden Nugget Atlantic City Hotel and Casino saw GGR tumble 49% year-on-year. 1125 N. Charles St, Baltimore, MD 21201. Golden Nugget Online Gaming (GNOC) Short-Term, Long-Term Stock Projections. However, that doesn’t get rid of the debt problem. 83. GNOG was acquired by Landcadia Holdings II, Inc., a blank-check company formed last year by Texas businessman Tilman Fertitta and New York-based Jefferies Financial Group. In fact, Golden Nugget’s gross gaming revenues increased by a whopping 93% year-over-year during the third quarter. Pending approval, the entity will be able to separate the Golden Nugget Atlantic City online and land-based gaming operations. The 7 Best Growth Stocks to Snap Up for 2021, The 7 Best Dividend Stocks To Buy On The Market Today, Louis Navellier and the InvestorPlace Research Staff, 3 EV Charging Stocks to Buy for Huge Gains in the 2020s. Press question mark to learn the rest of the keyboard shortcuts. And Mark Hake wrote recently about an amendment that was written into the merger … All rights reserved. As much as I’m not a fan of Golden Nugget Online Gaming (NASDAQ:GNOG) Chief Executive Officer Tilman Fertitta, I will give the billionaire credit. In the third quarter, its net revenue increased 92% to $25.9 million, from $13.5 million, while its operating profit jumped 92% to $8.2 million. The commission also conditionally approved a merger of the new company with an existing acquisition company that is already being traded on Nasdaq. Thomas Winter will retain his role as President of the online gambling company and the rest of the GNOG team will too continue in their previous roles. In recent years, initial public offerings have become synonymous with money-losing businesses. Golden Nugget Online Gaming to go public in deal with Fertitta's Landcadia blank-check co. By Olivia Pulsinelli – Assistant managing editor, Houston Business Journal For financial reporting, their fiscal year ends on December 31st. He particularly enjoys creating model portfolios that stand the test of time. Posted by. Golden Nugget is a 7 year old company being taken public by Lancadia Holdings II a Special Purpose Acquisition Company In June 2020, the reverse merger was announced between Lancadia Holdings II and Golden Nugget Online Gaming. In the past three months, GNOG stock has gone up about 60% and is … There’s no question that Golden Nugget’s business is growing. New Jersey Regulator Approves Golden Nugget Online Gaming Internet Gambling License, Merger. Pass on FuboTV Stock. Last updated on: December 18, 2020, 02:44h. Further, it should be around $8.5 million or about 25% of what it would have paid under the full $300 million loan. Losing money, but the upside potential in revenue growth is so much greater than Golden Nugget Gaming. 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