Golden Nugget Online Gaming (GNOG) Reports Record 2020 Revenue
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Golden Nugget Online Gaming, Inc. (Nasdaq: GNOG) reported preliminary financial results for the full year 2020. For the twelve months ended December 31, 2020, GNOG reported the following unaudited estimates:
- Total Revenue of between $90.0 and 91.0 million compared to $55.4 million in 2019, an increase of approximately 63%,
- Gross Gaming Revenue of between $101.0 and $102.0 million, compared to $60.9 million during the same period in 2019, an increase of approximately 67%, and
- Operating Income of between $23.0 and $24.0 million (between $28.0 and $29.0 million before approximately $4.0 to $5.0 million in costs related to the business combination with Landcadia Holdings II, Inc.), compared to $17.6 in 2019, an increase of approximately 38% (or approximately 62% before business combination costs).
"We are very pleased with yet 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. 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." said Tilman J. Fertitta, Chairman and CEO of GNOG.
On January 22nd, GNOG started its online operations in Michigan, in partnership with the Ojibwa casino. After a soft launch in January, GNOG has been quickly ramping up its online casino marketing investment, seeing tremendous momentum in player acquisition and revenue.
Thomas Winter, President of GNOG added, "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".
GNOG is also pleased to announce that online gaming industry veteran Kevin Vonasek joined the Company as its Vice President of Corporate Development. In his new role, Mr. Vonasek will drive the Company's expansion into new states and work on a broad range of strategic initiatives including the addition of exclusive and innovative products. Formerly Chief Product Officer Americas at NYX Gaming Group and VP of Business Development Americas at Scientific Games Digital, Mr. Vonasek is highly regarded in the digital gaming and sports betting industry.
"Kevin holds the perfect mix of product, commercial and entrepreneurial expertise that we were looking for. He will play a key role in our ambitious expansion plans." said Thomas Winter.
Kevin Vonasek said: "For many years I have held the Golden Nugget team and their accomplishments in the highest regard. I am very excited to be joining the team and I look forward to helping GNOG expand its market leading position across every US iGaming market."
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