Golden Nugget Online Gaming (GNOG) saw net revenue of $25.9m for Q3 2020, 92% higher than $13.5m in 2019. Gross gaming revenue for Q3 was $28.9m, a 93% increase from $14.9m for the same period last year. Operating income also saw a 92% year-on-year growth, going from $4.2m to $8.2m.
According to the statement, the company is working to launch its mobile sports betting and casino operations in Michigan by the end of the year; GNOG wants to expand its US operations across multiple states and hopes that the accelerated growth of online gaming revenue might encourage more states to consider online casino legislation in 2021 and 2022. Additionally, on June 28 GNOG entered into a purchase agreement with Landcadia Holdings II, Inc., and hopes to close the transaction by the end of November.
The owner of GNOG Tilman J. Fertitta was pleased with the growing profits: “Our pandemic-proof business model keeps showing its resilience in New Jersey and we look forward to expanding operations in Michigan."
Thomas Winter, President of GNOG, said: "Our third quarter confirmed and amplified our momentum in New Jersey, with record revenues supported by all-time-high player activity, sustained marketing investments and 64 new casino games, 20 of which we launched on an exclusive basis.” He believes that this year, the company might be able to generate over $100m in GGR.