Golden Nugget Online Gaming (GNOG) continues to enjoy tremendous success in the NJ online casino sector.
The Houston-based company reported selected third-quarter financial results earlier today. More importantly, GNOG showed increases of at least 92% in key categories.
Data is from the period ending Sept. 30.
Here are the highlights from the press release:
- Gross gaming revenue of $28.9 million, up 93% from 2019.
- Net revenue was $25.9 million, up 92% from 2019.
- Operating income came in at $8.2 million, up 92%.
Keep in mind, these results are strictly from the Garden State.
GNOG has yet to launch in other markets, “yet” being the key word.
Tilman Fertitta credits New Jersey
The strong results should come as no surprise. When it comes to NJ online casino revenue, Golden Nugget AC is the market leader.
The New Jersey Division of Gaming Enforcement released September results earlier this month.
And it came as no surprise that the license holder finished No. 1, with $26 million. The number includes results from three other brands operating under the license, but it’s PlayNJ’s understanding that the bulk of it is from Golden Nugget Online Casino.
Here is what Tilman J. Fertitta, GNOG’s owner, had to say about the latest report:
“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.“
Thomas Winter, president of GNOG, highlighted the record revenues.
“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,” said Winter.
“Based on our October revenues, we believe that we could generate over $100 million of gross gaming revenue in New Jersey this year.”
On the horizon: GNOG expansion + going public
It’s no secret that Golden Nugget Online Gaming plans to expand its operations beyond New Jersey in a very big way.
Michigan is targeting a November launch of online casino and sports betting, and GNOG is expected to be one of the operators The company has a land-based partnership deal with the Keweenaw Bay Indian Community, which operates two casinos.
According to the press release, GNOG could launch its mobile casino and sports betting products by the end of 2020.
Pennsylvania remains a possibility for next year, as Golden Nugget is going through the regulatory and licensing process. And expanding into new markets down the road is not out of the question.
Of course, there is one other nugget of news worth mentioning.
Golden Nugget Online Gaming is in the process of becoming a public company listed on the Nasdaq. Back in June, the company entered a purchase agreement with Landcadia Holdings II Inc., which will eventually be traded under the GNOG symbol.
Pending regulatory approval, GNOG anticipates the transaction to close before the end of November 2020.