Net income was $69.6m after gains on warrant derivatives liabilities of $81.1m, a gain on the tax receivable agreement liability of $1.3 million and debt extinguishment expenses of $2.2 million, the company said.
Adjusted EBITDA was $(3.5)m, compared to $5.9m a year prior.
GNOG touted a successful online operations launch in Michigan in early Q1, which brings the company to 12 states with market access agreements. GNOG is on the verge of launching Live Dealer gaming in Michigan, an extension of a service currently only provided in New Jersey.
The company is preparing to enter new markets of West Virginia, Virginia, Pennsylvania, and Illinois in the second half of the year.
GNOG President, Thomas Winter said, "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."
The company reported 45,000 Active First Time Depositors for Q1, a 386% y-o-y increase.
GNOG began trading publicly on Dec. 30, 2020 after completing a merger with Lancadia Holdings II, a special purpose acquisition group (SPAC) sponsored by Jeffries Financial Group and Tilman J Fertitta.
GNOG was trading at 11.64 USD late Monday.
Fertitta said, "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."
The company is already eying the Empire State, as well.
In February GNOG entered a future online market access agreement with Tioga Downs Race Track in upstate New York, with the belief that the New York online casino market could reach $2bn gross gaming revenue at maturity.
