Golden Nugget Online Gaming (GNOG) reported net sales of $ 25.9 million for the third quarter of 2020, 92% more than $ 13.5 million in 2019. Gross gaming revenue for the third quarter were $ 28.9 million, an increase of 93% from $ 14.9 million for the same period last year. Operating income also grew 92% year-over-year, from $ 4.2 million to $ 8.2 million.
According to the statement, the company is working to launch its sports betting and mobile casino operations in Michigan by the end of the year; GNOG is keen to expand its U.S. operations into multiple states, and hopes the accelerated growth in online gaming revenue may encourage more states to consider online casino legislation in 2021 and 2022. Additionally, June 28 , GNOG has entered into a purchase agreement with Landcadia Holdings II, Inc., and expects to complete the transaction by the end of November.
GNOG owner Tilman J. Fertitta was pleased with the growing profits: âOur pandemic-proof business model continues to show resilience in New Jersey and we look forward to expanding our operations in Michigan.
Thomas Winter, President of GNOG, said: âOur third quarter confirmed and amplified our momentum in New Jersey, with record revenues supported by unprecedented player activity, sustained marketing investments and 64 new casino games, including 20 launched on an exclusive base. He believes that this year the company could generate over $ 100 million from GGR.