Golden Nugget Casino 2020 Financial Report Reveals Tremendous Growth

Golden Nugget is the leading casino brand in the New Jersey gaming industry and there is a reason for that. The company’s numbers continue to place it at the top even for a year that most casinos saw heavy losses due to the Covid-19 pandemic. Golden Nugget’s 2020 financial report gives some insights into the company’s performance and how it will perform in the coming months. Overall, the figures appear to be on the positive side.

Golden Nugget’s 2020 revenue came to a close at almost $91 million against an operating income of $25 million.

Online Casinos in NJ

Online Casinos
Play Now
Unibet Online Casino
Unibet Online Casino
$10 Free No Deposit Bonus

Party Casino Review for Players in NJ
100% Deposit Match up to $1000

SugarHouse NJ Online Casino
SugarHouse Casino
$250 Welcome Bonus

All New 888 Online Casino

Bet365 NJ Online Casino Review
Bet365 Casino
Get a New Player Bonus of up to $500

Deposit between. $10 and $500. Bonus will be matched to qualifying deposit. 20x wagering on deposit and bonus to make bonus balance withdrawable. Time limits and T&Cs apply.

Borgata Online Casino NJ
Borgata Casino
100% Deposit Match up to $1000

BetMGM Online Casino NJ
BetMGM Online Casino
100% Deposit Match up to $1000

Ocean Online Casino
Ocean Casino
First Deposit Bonus

Golden Nugget might have seen its fair share of challenges but the casino seems to be doing just fine and making the right steps that still place it on top.

Revenue figures went as high as 64.4% from 2019 though the difference in expenses and revenue were not as decent. This was due to the acquisition cost of $4.1 million. However, things are now all rosy as Golden Nugget revealed a net loss of $31.7 million.

This comes from debt servicing in the form of interest expenses associated with a long-term loan outstanding against the casino’s ledger, the debt extinguishment costs associated with repaying the term loan totaling $25.4 million, and the amortization of deferred loan costs and debt premiums.

While that seems like a big cost on its part, the loan helped the casino to fund its operations though it incurred some extra costs in maintaining its credit standing. The company also went public last year which also played a role.

Golden Nugget is not the only casino to record huge losses for the year 2020 and looking at the numbers of other operators, its numbers aren’t too bad in the industry. However, things might not be getting better anytime soon considering the way things work in the online gambling industry. If the casino looks to build its brand and make up for its losses, it would have to spend more money to make even more money.

With the debt service and the recent revenue, Golden Nugget now has a steady flow of cash coming into the company which is the priority at the moment. This not only ensures that the company can carry out its operations but also indicates that it can expand on its biggest activities that take a chunk of its operating income, one of which is its marketing.

This year, Golden Nugget expanded its network area in the US when it launched in Michigan. The company also got an operating license in Virginia and introduced a new version of its New Jersey sportsbook in New Jersey. Golden Nugget has also gained market access into West Virginia and Illinois. With so much on its plate, it will require a good amount of capital to keep everything going smoothly.

Aside from the usual day-to-day operations, there’s also the cost of marketing to keep consumers aware of its products and latest offerings in the market. Additionally, there is the expense of ensuring that it stays afloat in different markets. It is common for gambling brands to record losses as they strive to build or maintain market share.

This is just the same for DraftKings which recorded a huge loss of $266 million for the quarter making Golden Nugget’s figures look like child’s play.

Golden Nugget continues to expand to every available market in the U.S where it competes and establishes market dominance just as it has in New Jersey Casino Industry.

Golden Nugget seems to know what it is doing and its 2020 financials show that the casino is on the right track.

NJ Online Casino News

See more

Unibet Series XII Packed With Freerolls, Leaderboard Prizes, and More

NJ Assemblyman Seeks 5-year Pilot Relief For Atlantic City Casinos

LeoVegas Plans To Join The NJ Market With Its Rhino Gaming Platform

All Ways Hot Fruits Slot in Party Casino

888 Holdings SVP, Yaniv Sherman Talks On the Future of The Casino

NJ Looks To Remove iGaming Revenue From AC Casino Property Tax

Bet365 Renames Its Affiliate Program To Bet365 Partners

Big Changes Coming to Atlantic City Casinos This Memorial Day Weekend

NJSCOOP Makes A Comeback to PokerStars NJ with $1.2 M In Guarantees

Atlantic City Casinos Bounce Back As Covid-19 Restrictions Are Lifted

Wager at PlaySugarHouse Casino and win iRush VIP Rewards

Slingo Starburst Slot in Party Casino

Receive a 100% Casino New Player Bonus of up to $500

Caesars Entertainment Moves To Spend $400 Million To Boost Its Services

ShowBoat Owner Moves To Launch The Lucky Snake Arcade in 2021

Unibet Casino Replaces Its UK Poker Tour With The Supermoon Tournament

4 Reasons Why The NJ Casino Industry Recorded Massive Revenue In March

2 Club Owners Loses Motion To Undo Deed Limitations On Their Properties

Register now and Play Free Bingo Games at SugarHouse Casino

888 Moves To Expand Its Services As It Partners With Hacksaw Gaming

DraftKings Spanish 21 Blackjack Variant Goes Live In NJ