Golden Nugget Online Gaming's revenue soars 54.2% year-on-year in Q1

Golden Nugget Online Gaming (GNOG) reported Monday its financial results for the first quarter of 2021, with revenue soaring 54.2% year-over-year to $26.7 million.

Net income was $69.6 million, up from $4.2 million in the prior year comparable period, and Adjusted EBITDA was $(3.5) million compared to $5.9 million. The company said its previous full-year revenue outlook range of $130 million to $145 million is maintained for 2021.

GNOG President Thomas Winter said in a press release: "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 4 key iGaming states."

Chairman and Chief Executive Officer 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."