Golden Nugget Gains Access to Illinois Market
Golden Nugget Online Gaming (GNOG) has penned a 20-year agreement with Danville Development to offer sports betting in the state exclusively, and if permitted by law in the future, online casino gaming. This partnership will have Danville Developers build a new Golden Nugget casino in Danville, Illinois, which will give the online gaming giants access to Illinois’ sports betting market.
Wilmot Gaming Illinois, a subsidiary of New York-based real estate developer Wilmorite Management Group, jointly owns Danville Development with GN Danville. Golden Nugget Danville is a wholly own subsidiary of Golden Nugget that is operating in the state.
The coming together will see Golden Nugget Online Gaming provide a $30 million mezzanine loan towards the venue’s construction. A percentage of the net gaming revenue will also be paid and it will be subject to minimum royalty payments.
The Wilmot Management Group Vice President, James Wilmot, has expressed delight with its partner, Tilman J. Fertitta, and is also pleased to deliver Golden Nugget Online Gaming to the city of Danville.
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According to him, “The Golden Nugget is a nationally recognized brand and strengthens the submission, provides additional opportunities, and upgrades the overall project. The Wilmot family will also like to personally acknowledge the efforts and support of the City Council and Mayor of Danville; without their diligence and attention to detail, this project would not be possible.”
The President of GNOG, Thomas Winter, also stated that the company is thrilled to have market access in the fifth most populous US state which is also the largest to have regulated mobile betting to date. “This is a tremendous opportunity for us to further increase our US footprint and deliver our ambitious growth plans. We look forward to bringing our award-winning online offerings to the Prairie State,” he said.
A Joint Partnership
Golden Nugget and Golden Nugget Online Gaming owner and chief executive Tilman Fertita said that this is Golden Nugget’s first joint venture on a casino project. He also stated that they are honored to be the ones selected amongst numerous bidders after a highly competitive process. He further disclosed that it is an incredible opportunity to be able to grow the Golden Nugget brand in the state online and land-based.
With this deal, the company is further extending its reach as it is also looking to start operation in several new states in 2021. The company has a market-leading presence in New Jersey and has already applied for an iGaming license in Pennsylvania. Also, GNOG went into a partnership with the Keweenaw Bay Indian Community’s Ojibwa Casino. The coming together was instrumental in helping Golden Nugget Online Gamine secure Michigan market access.
Following the Covid-19 crisis, the US gaming industry has shifted online and that has been great for GNOG. Its revenue has soared during the year as it ended the 3rd quarter of the year with $28.9 million gross revenue. In comparison with what GNOG recorded in the third quarter of 2019, it is almost double. Its operating profit was also up to $8.2 million which is also double what the company recorded in 2019 – $4.2 million.