In 2019, Golden Nugget disclosed it earned more than $177 million in internet gaming revenue. Golden Nugget Atlantic City has been the market leader for online gambling in New Jersey since it was legalized in 2013. Fertitta will have almost 80% of the new company’s voting power while owning more than half the entity. The focal point of the acquisition by Landcadia is to take GNOG public and attract investors to buy an entity before taking it public. Though the Federal Trade Commission (FTC) is yet to sign the merger, the agency is not known to reject SPAC deals. The official date for the rebranding of Landcadia to Golden Nugget Online or its launch date was not revealed following the CCC decision.
As a smaller retail casino operator, Golden Nugget’s vigorous online performance and brand can be used to make it better, compete with more formidable players in certain markets. Richard Liem, GNAC’s vice president, argued that the primary benefit of taking a digital gaming company public was access to capital. Thompson said the transaction would strip GNAC of the much-needed cash flow from online gaming on a permanent basis. He recommended measures to make sure GNOG couldn’t just leave the brick-and-mortar business in the lurch, conditions with which the commission agreed.ĭylan Thompson, a representative of the state Division of Gaming Enforcement, was too concerned about the realistic negative impacts to Golden Nugget’s brick and mortar casino operations if the online component became a focal point. An NJDGE official voiced a major concern that GNOG separating from GNAC would hurt the Atlantic City land-based casino. In a hearing that dragged on more than two hours on Wednesday, Golden Nugget Atlantic City’s vice president and the senior vice president of online gaming responded to the questions from the commissioners. Will GNOG Split from GNAC Hurt Atlantic City Casinos? The development enabled the iGaming company to embark on a route to list on a major US exchange, besides a monetization outlet.īack then, the intention was to list the internet casino operator on the NASDAQ Stock Exchange under “GNOG” during the third quarter, But the plan did not materialize. In June, a special purpose acquisition company Landcadia Holdings II, co-owned by Fertitta and investment bank Jefferies, revealed plans to acquire Golden Nugget Online Gaming Inc. With this, the GNOG is a step closer to being listed on Wall Street. However, federal authorities are yet to approve the deal. The move will now allow the online casino operator to merge with Landacia Holdings II Inc., a blank-check company, and become a publicly-traded entity.
#GOLDEN NUGGIT ONLIO LICENSE#
This came after the New Jersey Casino Control Commission (CCC) approved the license for Las Vegas-based hotel and casino company owned by Tilman Fertitta on Wednesday. Golden Nugget Online Gaming (GNOG) is all set to provide online casino offerings in New Jersey after formal approval by the state authority. Posted in: New Jersey Gambling News, US Casino News
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