Golden Nugget Online Gaming preliminaries show big surge in 2020 revenue

Image source: George Wirt /

Golden Nugget Online Gaming Inc (GNOG) has reported a big surge in revenue in its preliminary financial results for the full year 2020. 

According to the firm’s unaudited estimates, trading in the period generated total revenue of between $90m and $91m ($55.4m 2019), an increase of approximately 63%, while gross gaming revenue of between $101m and $102m ($60.9m 2019), leapt by 67%. 

Operating income came in at between $23m and $24m (between $28m and $29m before approximately $4m to $5m in costs related to the business combination with Landcadia Holdings), compared to $17.6m in 2019. 

Tilman J Fertitta, Chairman and CEO, told investors: “We are very pleased with yet another year of rapid and profitable growth. 2020 was a transformational year for GNOG, which went public, reached $100m 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.” 

On January 22, 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 resulting, said the firm, in “…tremendous momentum in player acquisition and revenue”.

Company President Thomas Winter noted: “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 $2m 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.”

Alongside the interim announcement, GNOG also confirmed that online gaming industry veteran Kevin Vonasek has joined the company as Vice President of Corporate Development. In his new role, he will drive 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, Vonasek is highly regarded in the digital gaming and sports betting industry.

Said Winter: “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.” 

Vonasek added: “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.”