Golden Nugget Online Gaming Inc is celebrating a record first quarter this week with the publication of its Q1 financial results for the trading period ended March 31, 2021.
Revenues for the quarter totaled $26.7m (2020: $17.3m), while net income was $69.6m (2020: $4.2m). Adjusted EBITDA was $(3.5m) compared to $5.9 year-on-year.
According to the firm, results for the first quarter of 2021 reflect non-cash gains on warrant derivative liabilities of $81.1m and a non-cash gain on its tax receivable agreement liability of $1.3m. All of its 10,541,667 public warrants were exercised or redeemed during the quarter.
Updating investors, Golden Nugget stated: “Additionally, first quarter results also reflect interest expense associated with the term loan credit agreement entered into on April 28, 2020.
“The company’s results also reflect debt extinguishment costs of $2.2 m including the accelerated amortization of deferred loan costs and debt premium totaling $0.6m associated with the early repayment of $10.6m of the term loan during the three months ended March 31, 2021.”
President Thomas Winter stated: “We are very pleased to start 2021 with such strong results across both our established and new expansion markets. We believe we are well positioned to capitalize on the significant and fast growing market for igaming across North America.
“We expect that 2021 will be a milestone year for the company as we are on target to be live in 6 states by the end of the year, including all four key igaming states.”
Chairman and CEO Tilman Fertitta added: “The future is very bright for Golden Nugget Online Gaming as we achieved another record quarter in revenue and with our newly announced partnerships in Colorado and Iowa, we now have market access in 12 states, representing approximately 29% of the US population.”
Q1 2021 has been a busy period for Golden Nugget Online with the firm having successfully completed its first quarter of operations in Michigan. It also secured market access in Colorado with Maverick’s Z Casino for online sports and casino, as well as market access in Iowa with the Wild Rose Casino for online sports and casino, both states subject to legislation and regulatory approvals.