Golden Nugget Online Gaming (GNOG) is no longer a single-state operator. Besides the Garden State, the parent company of Golden Nugget online casino is live in Michigan.
However, when talking about preliminary 2020 financial results, the numbers are 100% New Jersey. And like previous quarters, they are extremely strong.
GNOG announced some of the preliminary financial results via a press release. Here are a few of the highlights for the 12-month period ending Dec. 31, 2020:
- Total revenue of between $90 and $91 million compared to $55.4 million in ’19, an increase of approximately 63%
- Gross Gaming Revenue of between $101 and $102 million, compared to $60.9 million, an increase of approximately 67%
Operating income is between $23 and $24 million for an increase of about 38% compared to the $17.6 million.
However, according to the release, it was between $28 and $29 million before factoring approximately $4 to $5 million in costs related to the business combination with Landcadia Holdings II, Inc.
Tilman J. Fertitta, chairman and CEO of GNOG, was pleased with another year of rapid and profitable growth.
“2020 was a transformational year for GNOG, which went public, reached $100 million in GGR and signed market access agreements in multiple states,” said Fertitta.
“We look forward to replicating our New Jersey success in many other states and taking advantage of the strong growth of online gaming in the US.”
Golden Nugget 2020 New Jersey recap
Any conversation regarding NJ online casino revenue is typically led by Golden Nugget.
For 2020, the land-based partner of Golden Nugget online casino finished first among the seven license holders with $318.9 million in revenue for an 80.1% year-over-year increase.
Keep in mind the number includes revenue from its three other online casino partners:
- Betfair NJ online casino
- SugarHouse online casino
However, it is Play NJ’s understanding that Golden Nugget online, as a brand, is responsible for the majority of the result.
As a whole, 2020 NJ online casino revenue came in at $970.3 million, setting a new all-time high. Golden Nugget, as a license-holder, had a 33% market share.
GNOG ‘thrilled to be live in Michigan’
So New Jersey essentially set the foundation for GNOG’s much bigger national plans.
This includes the Jan. 22 launch of Michigan online operations. Golden Nugget is operating in partnership with the Ojibwa Casino.
Thomas Winter, president of GNOG, said “we are thrilled to be live in Michigan and are optimistic on the revenue opportunity.”
“We have just launched our marketing campaign and are already recording close to $2 million dollars in daily casino wagers. Michigan is embracing online gaming at a rapid pace and we anticipate that our business in the Great Lakes State will exceed our earlier expectations,” said Winter.
New addition to GNOG management team
Besides the preliminary earnings and Michigan outlook, Golden Nugget announced the hiring of online gaming industry veteran Kevin Vonasek as its vice president of corporate development.
He is the former chief product officer Americas at NYX Gaming Group and Vice President of business development Americas at Scientific Games Digital.
Winter said Vonasek “will play a key role in our ambitious expansion plans.”
GNOG previously announced plans to expand into Pennsylvania, West Virginia and other markets. So the company has no plans of slowing down its growth.