The online casino operator, Golden Nugget Online Gaming (GNOG), has today reported its financial results for the second quarter and first half of 2021.
The period ending June 30, 2021, saw year-on-year quarterly revenue increase by 27.7%, going from $24.8m in 2020 to $31.7m this year. H1 revenue saw a similarly impressive increase, growing by 38.6% from the same period in 2020, being reported at $58.4m compared to $42.2m.
Net income for the first half of 2021 was $68.1m, a $64m increase from the previous year.
Meanwhile, adjusted EBITDA for Q2 and H1 was $3.8m and $7.4m respectively. This represents a decline from the previous year which is primarily attributable to growth investments GNOG made in markets such as Michigan.
"We are proud to have achieved another solid quarter driven by the strength of our new customer growth both in our established and newer markets. Golden Nugget Online Gaming continues to successfully execute on our national expansion, while concurrently strengthening our capabilities and product offerings with key partnerships,” GNOG chairman and chief executive officer, Tilman Fertitta, said.
“In Michigan, we grew market share and are very pleased with the trajectory of growth in the early quarters of our operations. We expect similar trajectories for our planned launches in Virginia, West Virginia and Pennsylvania later this year. In addition, our partnership with Boom Entertainment will only strengthen our award-winning content offerings. We are increasingly encouraged by our results and look forward to executing on the significant and growing market opportunity available to us."
This period also saw GNOG gain market access partnerships in Ohio and Arizona, increasing the company’s potential customer base to 33% of the US population.
GNOG president, Thomas Winter, stated, "GNOG continues to show strong growth with our results in the first half of this year. In Michigan, we more than tripled our market share since launch which validates our steady, ROI-focused growth investments. In the second quarter we grew gross gaming revenue, or GGR, 99% over the first quarter while the rest of the market only grew 35%.”
"In July, the positive trend continued with GGR over $5.3 million, a 32% increase over the monthly average in the second quarter, making GNOG the fifth largest iGaming operator in the state, with a market share of 5.7%. In New Jersey, where market revenues had been boosted by the pandemic last year, we were still able to grow net revenues by 8.9% in the first six months of 2021 compared to the prior year period."
This week has also seen the online casino operator announce an exclusive partnership with games and sports betting provider, Boom Entertainment. The deal will see Boom provide GNOG with a suite of exclusive casino games.
