Golden Nugget Online Gaming had ‘rapid, profitable growth’ in 2020
Preliminary figures indicate FY revenue increase of approximately 63%.
Golden Nugget Online Gaming, Inc., on Monday reported unaudited preliminary financial results for full year 2020.
For the 12 months ending 31 December, 2020, GNOG estimated it brought in total revenue of between $90m and $91m, up from $55.4m in 2019, an increase of approximately 63%.
The company expects GGR in the range of $101m to $102m, compared to $60.9m the previous year, an increase of approximately 67%.
Operating income is expected to be $23m to $24m. The company said this figure was $28m to $29m prior to realizing approximately $4m to $5m in costs related to the business combination with Landcadia Holdings II, Inc.
Even with the merger expense, GNOG said operating income was up 38% from $17.6m in 2019 (or approximately 62% before business combination costs).
“We are very pleased with yet another year of rapid and profitable growth,” Tilman Fertitta, chairman and CEO of GNOG (pictured), said in a statement, adding that 2020 was “transformational” as the company went public, reaching $100 million in GGR and signing 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 22 January, GNOG launched online operations in Michigan in partnership with the Ojibwa casino. The company said it is seeing “tremendous momentum” in player acquisition and revenue.
GNOG also said online gaming industry veteran Kevin Vonasek is its new VP of corporate development. Vonasek will drive expansion into new states and work on a range of strategic initiatives.
Vonasek formerly served as chief product officer Americas at NYX Gaming Group and VP of business development Americas at Scientific Games Digital.
“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,” said Thomas Winter, president of GNOG.
Vonasek said, “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.”
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