As one of the top online casinos in New Jersey, the Golden Nugget’s application to sever its online casino arm from its land-based casino business has finally been approved by the New Jersey Casino Control Commission (NJCCC).
After hearing from two company executives in last week’s 90-minute hearing, the NJCCC Review Team of Chairman, James T. Plousis granted the new casino license for the new Golden Nugget Online Gaming LLC as an online affiliate of the Golden Nugget Atlantic City.
What that means, is that once the deal between special acquisition company Landcadia II and the Golden Nugget Online is finalized following final approval by Federal regulators, Golden Nugget Online will become a publicly-traded company with its shares available for trading on the Nasdaq composite index. Once the deal goes through, the Golden Nugget Online Gaming Inc will adopt the Nasdaq trading moniker “GNOG”.
The deal values the combined company at an anticipated $745 million, Landcadia II will assume $150 million of GNOG debt and will pay down another $150 million of debt upon closing out the deal.