Fertitta’s Lancadia Holdings II completes merger of Golden Nugget Online Gaming
Golden Nugget Online Gaming is set to go public after it was successfully acquired by Tilman Fertitta’s blank check company Lancadia Holdings II.
Lancadia, which changed its name to Golden Nugget Online Gaming, Inc, will begin trading on the Nasdaq Stock Market beginning Wednesday under the ticker GNOG.
Lancadia investors voted to approve the merger Tuesday, less than two weeks after the special purpose acquisition company’s shareholders failed to garner enough votes in a previous session to move the acquisition forward.
Fertitta said, “I am pleased to see the business combination finally close. We see tremendous opportunity in the online gaming space and are excited to be a part of it.”
Fertitta will remain as GNOG’s CEO and Chairman of the Board, while Thomas Winter maintains the position of President.
The merger comes after New Jersey posted sports betting handle of $932m for the month of November, a national record.
The rise in New Jersey’s online gaming has occurred in parallel to a steep decline in retail casino revenue. Golden Nugget Atlantic City Hotel and Casino saw GGR tumble 49% year-on-year.
Last month, New Jersey regulators approved a casino license to GNOG but the state’s Division of Gaming Enforcement expressed concern that the company’s split would divert from the Golden Nugget Atlantic City Hotel and Casino.
Dylan Thompson of DGE said, “The transaction would deprive (the casino) of the much-needed cash flow from internet gaming on a permanent basis.”
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