HOUSTON, Oct. 28, 2020 /PRNewswire/ -- Golden Nugget
Online Gaming, Inc. ("GNOG" or the "Company") reported selected
financial results for the third quarter of 2020. For the three
months ended September 30, 2020, GNOG
reported the following for its New
Jersey operations:
- Gross Gaming Revenues of $28.9
million, compared to $14.9
million during the same period in 2019, an increase of
93%,
- Net Revenue of $25.9 million
compared to $13.5 million during the
same period in 2019, an increase of 92%, and
- Operating Income of $8.2 million
versus $4.2 in the third quarter of
2019, an increase of 92%.
"We are very pleased with yet another quarter of profitable
growth. Our pandemic-proof business model keeps showing its
resilience in New Jersey and we
look forward to expanding operations in Michigan." said Tilman
J. Fertitta, GNOG's owner.
Thomas Winter, President of GNOG
added, "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. Based on our October revenues, we believe that we
could generate over $100 million of
Gross Gaming Revenue in New Jersey
this year."
The Company also reported that it is working towards a launch of
its mobile sports betting and casino operations in Michigan, possibly by the end of the year,
regulatory approvals permitting, and its licensing process is
ongoing in Pennsylvania. GNOG is actively pursuing market
access opportunities to further expand its US operations across
multiple states, and believes that the accelerated growth of online
gaming revenues in New Jersey and
Pennsylvania will encourage more
states to consider online casino legislation in 2021 and 2022.
As previously reported, on June 28,
2020, GNOG entered into a purchase agreement with Landcadia
Holdings II, Inc. (NASDAQ: LCA) ("Landcadia II"), a special purpose
acquisition company, pursuant to which GNOG will become a public
company listed on Nasdaq. Subject to completion by the Securities
and Exchange Commission of its review of Landcadia II's proxy
statement in connection with the transaction, and subject to
certain closing conditions, including regulatory approval, GNOG
anticipates the transaction to close before the end of November 2020.
About GNOG
Golden Nugget Online Gaming, Inc. is a
leading online casino gaming company that is owned by a company
wholly owned by Tilman J. Fertitta.
It is considered the market leader by its peers and was first to
bring Live Dealer and Live Casino Floor to the United States online gaming market.
About Landcadia Holdings II, Inc.
Landcadia Holdings
II, Inc. is a company formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses that is co-sponsored by Fertitta Entertainment, Inc. and
Jefferies Financial Group Inc.
Important Information About the Proposed Transaction and
Where to Find It
Landcadia II has filed a preliminary proxy
statement and intends to file a definitive proxy statement with the
SEC for Landcadia's stockholder meeting to be held in connection
with the transaction. Landcadia II's stockholders and
other interested persons are advised to read the preliminary proxy
statement and the amendments, when available, thereto and the
definitive proxy statement and documents incorporated by reference
therein filed in connection with the proposed transaction, as these
materials will contain important information about GNOG, Landcadia
II and the proposed transaction. The definitive proxy
statement and other relevant materials for the stockholder meeting
will be mailed to stockholders of Landcadia II as of the record
date for the meeting which has been set for October 29, 2020. Stockholders will also be
able to obtain copies of the preliminary proxy statement, the
definitive proxy statement, when available, and other documents
filed with the SEC that will be incorporated by reference therein,
without charge, once available, at the SEC's web site at
www.sec.gov, or by directing a request to: Landcadia Holdings II,
Inc., 1510 West Loop South, Houston,
Texas 77027, Attention: General Counsel, (713) 850-1010.
Participants in the Solicitation
Landcadia II and its
directors and executive officers may be deemed participants in the
solicitation of proxies from Landcadia II's stockholders with
respect to the proposed transaction. A list of the names of
those directors and executive officers and a description of their
interests in Landcadia II is contained in Landcadia II's annual
report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC
and is available free of charge at the SEC's web site
at www.sec.gov, or by directing a request Landcadia Holdings
II, Inc., 1510 West Loop South, Houston,
Texas 77027, Attention: General Counsel, (713) 850-1010.
Additional information regarding the interests of such
participants will be contained in the proxy statement for the
proposed transaction when available.
GNOG and its directors and executive officers may also be deemed
to be participants in the solicitation of proxies from the
stockholders of Landcadia II in connection with the proposed
transaction. A list of the names of such directors and
executive officers and information regarding their interests in the
proposed transaction will be included in the proxy statement for
the proposed transaction when available.
Forward-Looking Statements
This press release includes
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995. Landcadia II's and GNOG's actual results may differ
from their expectations, estimates and projections and
consequently, you should not rely on these forward looking
statements as predictions of future events. Words such as
"expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, GNOG's expectations with respect to future performance
and anticipated financial impacts of the proposed transaction, the
satisfaction of the closing conditions to the proposed transaction
and the timing of the completion of the proposed transaction.
These forward-looking statements involve significant risks
and uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors
are outside Landcadia II's and GNOG's control and are difficult to
predict. Factors that may cause such differences include, but
are not limited to: (1) the occurrence of any event, change or
other circumstances that could give rise to the termination of the
Purchase Agreement, (2) the outcome of any legal proceedings that
may be instituted against Landcadia II and GNOG following the
announcement of the Purchase Agreement and the transactions
contemplated therein; (3) the inability to complete the proposed
transaction, including due to failure to obtain approval of the
stockholders of Landcadia II, certain regulatory approvals or
satisfy other conditions to closing in the Purchase Agreement; (4)
the occurrence of any event, change or other circumstance that
could give rise to the termination of the Purchase Agreement or
could otherwise cause the transaction to fail to close; (5) the
impact of COVID-19 on GNOG's business and/or the ability of the
parties to complete the proposed transaction; (6) the inability to
obtain or maintain the listing of Landcadia II's shares of common
stock on Nasdaq following the proposed transaction; (7) the risk
that the proposed transaction disrupts current plans and operations
as a result of the announcement and consummation of the proposed
transaction; (8) the ability to recognize the anticipated benefits
of the proposed transaction, which may be affected by, among other
things, competition, the ability of GNOG to grow and manage growth
profitably and retain its key employees; (9) costs related to the
proposed transaction; (10) changes in applicable laws or
regulations; (11) the possibility that GNOG or Landcadia II may be
adversely affected by other economic, business, and/or competitive
factors; and (12) other risks and uncertainties indicated from time
to time in the proxy statement relating to the proposed
transaction, including those under "Risk Factors" therein, and in
Landcadia II's other filings with the SEC. The foregoing list
of factors is not exclusive. Readers are cautioned not to
place undue reliance upon any forward-looking statements, which
speak only as of the date made. Neither GNOG nor Landcadia II
undertakes or accepts any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
to reflect any change in its expectations or any change in events,
conditions or circumstances on which any such statement is
based.
No Offer or Solicitation
This press release shall not
constitute a solicitation of a proxy, consent or authorization with
respect to any securities or in respect of the proposed
transaction. This press release shall also not constitute an
offer to sell or the solicitation of an offer to buy any
securities, nor shall there be any sale of securities in any states
or jurisdictions in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of
securities shall be made except by means of a prospectus meeting
the requirements of section 10 of the Securities Act of 1933, as
amended.
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SOURCE Golden Nugget Online Gaming, Inc.