Golden Nugget Hits A Record of Over $100 Million in Revenue in 2020

Stephen Abiola
Stephen Abiola
Online Casino New Jersey

Golden Nugget Online Gaming (GNOG) preliminary 2020 financial results show a high-profit rate for the online operator which is quite similar to its reports in the previous months.

(GNOG) announced the financial results via a press release which states that it recorded total revenue of between $90 and $91 million compared to the report of $55.4 million in 2019. This shows an increase of approximately 63%.

Its Gross Gaming Revenue (GGR) was reported to be between $101 and $102 which is a big jump from the figures for the previous years. GGR reports were at $60.9 million in 2019 which shows a 67% increase.

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There was also an increase in operating income which was between $23 and $24 million, an increase of about 38% compared to the 2019 figures of $17.6 million.

However, this report does not factor in the costs of the business combination in partnership with Landcadia Holdings II, Inc which stands between $4 to $5 million. Adding this to the report would see the operating income jump to between $28 and $29 million.

Tilman J. Fertitta, chairman, and CEO of GNOG shared in the delight of the continuous growth and success of Golden Nuggets in New Jersey.

“2020 was a transformational year for GNOG, which went public, reached $100 million in GGR and signed market access agreements in multiple states,” said Fertitta.

“We look forward to replicating our New Jersey success in many other states and taking advantage of the strong growth of online gaming in the US.”

Golden Nuggets leads all conversations regarding NJ online casino revenue. In 2020, the land-based partner of the casino was the first of the license holders to record more than $318.9 million in revenue which is more than an 80.1% year-over-year increase.

These numbers also include all three other online casino partners:

However, the Golden Nugget online brand represents the bulk of the revenue. In 2020, the NJ online casino industry recorded a revenue of $970.3 million.

GNOG Expands Into the Michigan Market

While Golden Nuggets gains most of its revenue from the New Jersey market, it has already set its eyes on another state that allows gamers to cast their stakes at online casinos. Golden Nuggets has expanded its operation to Michigan, a launch that took place on Jan 22. The casino will be operating in the state thanks to a deal with Ojibwa Casino.

Thomas Winter, president of GNOG, said: “We are thrilled to be live in Michigan and are optimistic on the revenue opportunity.”

“We have just launched our marketing campaign and are already recording close to $2 million dollars in daily casino wagers. Michigan is embracing online gaming at a rapid pace and we anticipate that our business in the Great Lakes State will exceed our earlier expectations,” said Winter.

Aside from the recorded earnings and the Michigan expansion, Golden Nuggets is bringing some new faces into its ranks. The casino recently announced the hiring of renowned online gaming industry veteran, Kevin Vonasek who will serve as the vice president of corporate development.

Vonasek had previously served as the chief product officer Americas at NYX Gaming Group and then as the Vice President of business development Americas Scientific Games Digital.

According to Winter bringing Vonasek in “will play a key role in our ambitious expansion plans.”

GNOG had previously announced that it would be moving into Pennsylvania, West Virginia, and other markets in the US. As more states look to legalize online gaming, it is expected that Golden Nuggets will set its sights on those emerging markets which could see it become a national brand.