Golden Nugget Online Gaming Completes Merger and Goes Public
Golden Nugget Online Gaming (GNOG) is an online gambling company based in the United States that recently completed a merger with Landcadia Holdings II, Inc. Along with the merger, the company is now public and will start trading on December 30.
The acquisition company is a blank-check organization that was created by Tilman Fertitta last year, a businessman from Texas. He formed the company with the help of Jefferies Financial Group, a company based in New York. Fertitta’s name might sound familiar because he owns the chain of casinos that operate under the Golden Nugget brand. He is also the owner of the online gaming company for the brand.
In a recent meeting, the shareholders of Landcadia voted to approve the merger. A meeting was scheduled to take place last week on the subject but there was a tie-up and not enough investor votes to decide one way or the other.
Now that there is enough support and the merger has been approved, Landcadia will now go by the name Golden Nugget Online Gaming, Inc. The new entity will go public today and be listed on the NASDAQ. It will be trading under the ticker GNOG.
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The blank check company went public last year and had to raise $316 million to acquire the company. The news of the possible acquisition first went public back in June.
With the merger complete, Fertitta will remain as the CEO and Chairman of the company. Thomas Winter will stay in position as the President of the online company and the team of GNOG will stay in place as well.
Fertitta is happy to see the merger complete and feels that now the company has a tremendous opportunity within the iGaming space and is excited to be a part of it. Now that the company is public, GNOG can expand into states where online gambling and sports betting are legalized.
The company has already been working on expansion. GNOG just completed a deal in Illinois in November, expanding into the gambling market of the state. GNOG is working with Danville Development to create a joint venture and build a casino with the Golden Nugget brand. The casino will be located in Danville.
The deal includes GNOG being the exclusive provider of online casino and sports betting products for Danville Development. Players will eventually have access to both retail and online gaming in the future.
GNOG also signed a deal with the Greenbrier Hotel Corporation in November to provide online casino and sports betting services to The Greenbrier in West Virginia. With the partnership, GNOG is the digital partner for four online gaming markets in the United States including New Jersey, Pennsylvania and Michigan.
The online gaming company is already a top provider of services in these markets and can only expand from here after the merger and public move are complete. We shall see in the coming months how GNOG uses the transition and how many more states the company moves into. The brand is certainly a dominating one, especially when it comes to online gambling service options.