Casino, restaurant and hospitality operator Golden Nugget LLC has today announced its financial findings for the first half of 2021 and the quarterly period ending June 30.
Revenue for the second quarter of 2021 was recorded at $934.5m, a 224.4% year-on-year increase from Q2 of 2020 when revenue was $288m. H1 revenue also saw an increase, although not to the same extent, growing by 49.6% from $1.05bn to $1.57bn.
Golden Nugget also saw gains in net income as it grew from a loss of $152.7m in Q2 in 2020 to a profit of $144.3m this year. Similarly, net income for the first half of 2021 was $158.5m, compared to a net loss of $184.3m during the prior year period.
Adjusted EBITDA for Q2 was $283.7m compared to a loss of $26.1m during the same period in 2020. Once again, H1 reflected similar financial improvement at $418.7m, compared to $47.5m in the prior year period.
"We continue to perform at a very high level and are very pleased with the second quarter results,” said chairman and chief executive officer Tilman Fertitta. “We expect to deliver at least $800m adjusted EBTIDA for the year. I look forward to completing the merger with Fast Acquisition Corp. following receipt of regulatory approvals."
Earlier this year Golden Nugget’s parent company Fertitta Entertainment, Inc. announced plans for a merger with Fast Acquisition Corp, a company that aims to acquire organizations through the process of mergers. The special purpose acquisition company is co-headed by Doug Jacob and Sandy Beall.
Speaking on the merger, Doug Jacob said: "The addition of Mastro's and the destination entertainment businesses provide tremendous cash flow and growth opportunities to the company and we are excited that Tilman is contributing the new assets to the company. These brands create an even stronger portfolio to leverage for potential future acquisitions."
