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olden Nugget reported August 25 its financial results for the second quarter and first half of 2021. The casino, restaurant and hospitality operator saw revenue for Q2 of $934.5 million, up 224.4% versus $288.0 million in Q2 2020, while revenue for H1 increased 49.6% to $1.577 billion compared to $1.054 billion last year.
Net income for the second quarter was $144.3 million compared to a net loss of $153.7 million in the prior year period, while net income for the first half of 2021 was $158.5 million versus a net loss of $184.3 million during same period 2020.
“We continue to perform at a very high level and are very pleased with the second quarter results,” said Chairman and Chief Executive Officer Tilman Fertitta. “We expect to deliver at least $800.0 million adjusted EBITDA for the year.”
Adjusted EBITDA for Q2 2021 was $283.7, compared to a loss of $26.1 million in 2020; and the first half of the year saw $418.7 million versus $47.5 million in H1 2020.
Golden Nugget is currently waiting for parent company Fertitta Entertainment to complete its merger with Fast Acquisition Corp, first announced in February this year. On this, the CEO said he is looking forward to finish the merger “following receipt of regulatory approvals.”
The deal valued Fertitta Entertainment at $6.6 billion, and Tilman Fertitta is set to be Chairman, President and CEO of the combined company, as well as the largest shareholder, announced the company early this year.
On June, said agreement was amended, with Fertitta Entertainment agreeing to contribute “certain operating businesses not originally included” as part of the business combination with FAST “for no additional debt.” These include Mastro’s brand, the Aquariums, the Pleasure Pier, Vic and Anthony’s, and “a handful of smaller restaurant concepts.”
“The addition of Mastro’s and the destination entertainment businesses provide tremendous cash flow and growth opportunities to the company and we are excited that Tilman is contributing the new assets to the company,” said Doug Jacob, co-head of the special purpose acquisition company FAST in June. “These brands create an even stronger portfolio to leverage for potential future acquisitions.”
In connection with the amendment, Fertitta is now set to receive additional equity in the NYSE public company, increasing his total equity stake post-closing of the transaction to approximately 72%.
Today, @DraftKings announced they entered into an agreement to acquire Golden Nugget Online Gaming, and in connection, DraftKings has entered into a commercial agreement with Fertitta Entertainment. For more details, visit: https://t.co/PyUO0QJUEf pic.twitter.com/PmEnpqaD2S
— DraftKings News (@DraftKingsNews) August 9, 2021
Besides the FAST merger, Golden Nugget also signed a key deal by selling its former iGaming division, Golden Nugget Online Gaming, to be acquired by DraftKings in a $1.56 billion deal. The online gaming division saw revenue for Q2 of $31.7 million, and $58.0 million for H1 2021.
Original article: https://www.yogonet.com/international//noticias/2021/08/30/59037-golden-nugget-revenue-up-49por_ciento-on-h1-boosted-by-224por_ciento-growth-in-q2
