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Golden Nugget LCA GNOG Best SPAC on PAPER?
adminnOctober 29, 2020
Golden Nugget Online Gaming Reports Record Third Quarter Revenue
Provides Update on Transaction with Landcadia Holdings II
HOUSTON, Oct. 28, 2020 /PRNewswire/ — Golden Nugget Online Gaming, Inc. (“GNOG” or the “Company”) reported selected financial results for the third quarter of 2020. For the three months ended September 30, 2020, GNOG reported the following for its New Jersey operations:
· Gross Gaming Revenues of $28.9 million, compared to $14.9 million during the same period in 2019, an increase of 93%,
· Net Revenue of $25.9 million compared to $13.5 million during the same period in 2019, an increase of 92%, and
· Operating Income of $8.2 million versus $4.2 in the third quarter of 2019, an increase of 92%.
“We are very pleased with yet another quarter of profitable growth. Our pandemic-proof business model keeps showing its resilience in New Jersey and we look forward to expanding operations in Michigan.” said Tilman J. Fertitta, GNOG’s owner.
Thomas Winter, President of GNOG added, “Our third quarter confirmed and amplified our momentum in New Jersey, with record revenues supported by all-time-high player activity, sustained marketing investments and 64 new casino games, 20 of which we launched on an exclusive basis. Based on our October revenues, we believe that we could generate over $100 million of Gross Gaming Revenue in New Jersey this year.”
The Company also reported that it is working towards a launch of its mobile sports betting and casino operations in Michigan, possibly by the end of the year, regulatory approvals permitting, and its licensing process is ongoing in Pennsylvania. GNOG is actively pursuing market access opportunities to further expand its US operations across multiple states, and believes that the accelerated growth of online gaming revenues in New Jersey and Pennsylvania will encourage more states to consider online casino legislation in 2021 and 2022.
As previously reported, on June 28, 2020, GNOG entered into a purchase agreement with Landcadia Holdings II, Inc. (NASDAQ: LCA) (“Landcadia II”), a special purpose acquisition company, pursuant to which GNOG will become a public company listed on Nasdaq. Subject to completion by the Securities and Exchange Commission of its review of Landcadia II’s proxy statement in connection with the transaction, and subject to certain closing conditions, including regulatory approval, GNOG anticipates the transaction to close before the end of November 2020.
Don’t Ignore the Warning Flags of Landcadia Holdings II
Potential investors must weigh serious issues regarding LCA stock before buying the shares
By Larry Sullivan, InvestorPlace contributor Oct 29, 2020, 10:29 am EDT
Two schools of thought are taking shape around Landcadia Holdings II (NASDAQ:LCA). One says this special purpose acquisition company, or SPAC, is merely a billionaire’s clever strategy to improve his corporate balance sheet. The other view contends that LCA stock gives investors an opportunity to get in on the ground floor of a company entering the emerging world of online wagering.
What Is Landcadia Holdings II?
This second version of Landcadia Holdings is based in Houston. As a SPAC, it is publicly traded and looking to join forces with a private company that wants to go public without the usual chores associated with an initial public offering. This is not a new way to go public, but for some reason, SPACs have become very fashionable, especially for companies in the electric-vehicle arena.
At the center of this particular deal is Tilman Fertitta. He is the CEO and sole owner of Fertitta Entertainment, whose holdings include the Landry’s restaurant chain, the Houston