Golden Nugget Online sees significant increase in revenue
Golden Nugget Online Gaming 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.