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olden Nugget Online Gaming announced financial results for the second quarter and first half of 2021 on August 16: revenue for Q2 was $31.7 million and $58.0 million for H1, up 27.7% and 38.6% over the prior year.
Other financial highlights for the period include net income for the first half of 2021 of $68.1 million, versus net income of $4.3 million in 2020. Adjusted EBITDA for the first half was $7.4 million compared to $14.4 million for the first half of the prior year, a decline attributable to growth investments in new markets.
On the results for the period, Chairman and Chief Executive Officer Tilman Fertitta said: “We are proud to have achieved another solid quarter driven by the strength of our new customer growth both in our established and newer markets. Golden Nugget Online Gaming continues to successfully execute on our national expansion, while concurrently strengthening our capabilities and product offerings with key partnerships.”
During the last months, the company increased its presence in up to 14 states, about 33% of the US population. The latest two were Ohio and Arizona, by signing market access partnerships.
One of these agreements was with Boom Entertainment, provider of online gaming and sports products, announced late Monday, which includes a minority equity investment, preferred and exclusive content, bespoke game development and market access rights in Ohio. The company believes this partnership will give GNOG “the ability to offer more content at a faster pace” and enhance player experience.
Another key deal was reached with the Grand Canyon Resort Corporation, owned by the Hualapai Tribe, for market access in Arizona, subject to regulatory application approvals. Moreover, a market access agreement with Dayton Real Estate Ventures, operating the Hollywood Casino Dayton and owned by Penn National Gaming, will also allow Golden Nugget Online Gaming to offer both online casino and online sports in Ohio.
“In Michigan, we grew market share and are very pleased with the trajectory of growth in the early quarters of our operations,” further added Fertitta.
The company has more than tripled its market share since launch in Michigan, with 103 new games from 9 different suppliers deployed on web, iOS and Android in the second quarter; also successfully launched Live Dealer on July 22, among the first wave of operators. Gross gaming revenue on the state for July was $5.3 million.
The company has seen many changes in the last period, not only with their latest Boom deal but the recent announcement of their acquisition by DraftKings. On the future of the company, President Thomas Winter said: “Our latest agreements highlight yet another big step in executing on our market expansion plans,” and remarked GNOG’s focus on “innovation and exclusive games.”
The DraftKings deal for $1.56 billion in an all-stock acquisition is a key one in the gaming industry for 2021, as it will allow the company, which has the largest share of the daily fantasy sports market, to further increase its presence in the casino gaming sector.
Original article: https://www.yogonet.com/international//noticias/2021/08/17/58870-golden-nugget-online-gaming-revenue-up-386por_ciento-in-h1-presence-in-14-states
