Golden Nugget Online Gaming (GNOG) Results in Line but with 3 Recent Developments - Jefferies
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Jefferies analyst David Katz reiterated a Buy rating and $28.00 price target on Golden Nugget Online Gaming (NASDAQ: GNOG) after the company reported 1Q21 revenue of $26.7M, in line with the Street's $26.8M. Adjusted EBITDA loss of $3.5M was better than the Street's estimated losses of $5.2M. The analyst offered 3 recent developments:
1) Market access secured in CO and IA: Expect to launch in 2022; discussions for more states under way.
2) The company has completed redemption of all public warrants for $110.2M, leaving $154M of cash to fund growth.
3) Launch of live dealer in MI forthcoming, began expansion of live-dealer studio capacity in NJ, MI revenue and market share continue to progress since launch despite competitive landscape.
The analyst stated "We made modest adjustments based on commentaries around revenue cadence and margin. For FY21, our estimates are relatively unchanged at $143.7M for revenue and $22.5M for Adj. EBITDA loss vs. $144.3M and $22.2M of losses prior. We are increasing our FY22 and FY23 revenue estimates slightly to $233.8M and $310.3M, respectively, from $224.3M and $308.2M prior, driven by expected rollout".
Shares of Golden Nugget Online Gaming closed at $12.16 yesterday.
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