Golden Nugget Online Gaming Inc has published selected financial results for the second quarter of 2020 for the period ended June 30, 2020. According to the update, business has been brisk across the firm’s New Jersey operations with record player activity.
In terms of the headline figures, gross gaming revenues of $28.2m came in at 85% higher than the $15.3m achieved during the same period in 2019. Net revenue, meanwhile was $24.8m compared to $13.9m during the same period in 2019, an increase of 78%.
The firm also noted operating income of $8.5m versus $4.9m in the second quarter of 2019, marking a 74% increase.
Offering the briefest of comments was Golden Nugget Online Gaming owner Tilman J Fertitta who said: “We are pleased with the continued strong revenue growth in New Jersey and our ongoing profitability.”
Adding a touch more detail was Thomas Winter, Senior Vice President and General Manager, who stated: “Our second quarter beat our target, supported by record players activity and average revenue per user (ARPU). Our online play has remained strong in July and into August, and we are confident that we will exceed our revenue and operating income forecast in New Jersey this year.
“We look forward to expanding our operations to Pennsylvania and Michigan, where our licensing process is ongoing. We are closely monitoring the legislative momentum in other states and, with the access to capital provided by the proposed transaction with Landcadia, we will seek to expand our US online gaming business, wherever regulations provide for profitable growth opportunities.”
On June 28, 2020 GNOG entered into a transaction agreement with Landcadia Holdings II Inc, a special purpose acquisition company (“Landcadia”) whereby GNOG will become an indirect, wholly owned subsidiary of Landcadia, which will change its name to Golden Nugget Online Gaming Inc.