Updated June 30, 2020 - 12:30 pm
Golden Nugget owner Tilman Fertitta’s online casino company is going public.
Golden Nugget Online Gaming Inc. — valued at $745 million — is set to begin trading on Nasdaq under the trading symbol GNOG in the third quarter.
The company started operations in New Jersey in late 2013 and became profitable in 2016. It expects to launch in Pennsylvania and Michigan’s online gaming markets early next year, pending regulatory approval.
It was the first online gaming company to launch Live Dealer — which allows gamblers to play with real dealers through their computer or smartphone — in the U.S. The online gaming company had a net income of over $11 million last year and is expected to make $122 million in revenue in 2021, according to a Monday news release.
The deal will be made through Landcadia II Inc., a special purpose acquisition company cosponsored by Fertitta Entertainment Inc. and Jefferies Financial Group.
“GNOG is one of the best positioned companies to capitalize on this massive online gaming opportunity in the US,” Rich Handler, co-chairman of Landcadia II and CEO of Jefferies LLC, said in the release. “We at Jefferies couldn’t be more thrilled to partner with Tilman and bring this great opportunity to the public markets.”
Fertitta will remain chairman and CEO of the company, and Thomas Winter will continue to serve as its president.
“When customers hear the name Golden Nugget, they know they are dealing with a trusted online gaming business,” Houston-based billionaire Fertitta said in the statement. “Thomas and his team have done a remarkable job, are the best in the industry, and with this transaction, will have access to growth capital to allow for the rapid expansion of the business.”