Golden Nugget online gaming revenue grows 84.3% in second quarter

For the three months ended June 30, 2020, GNOG reported the following for its New Jersey operations:

Gross Gaming Revenues of $28.2 million, compared to $15.3 million during the same period in 2019, an increase of 85%, Net Revenue of $24.8 million compared to $13.9 million during the same period in 2019, an increase of 78%, Operating Income of $8.5 million versus $4.9 in the second quarter of 2019, a 74% increase.

"We are pleased with the continued strong revenue growth in New Jersey and our ongoing profitability." said Tilman J. Fertitta, GNOG's owner.

Thomas Winter, Senior Vice President and General Manager of GNOG 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. (Nasdaq: LCA), 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.