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In the United States and an entity known as Landcadia Holdings II Incorporated has announced the signing of an agreement that is to see it fully acquire local iGaming operator Golden Nugget Online Gaming Incorporated.
A joint enterprise of Fertitta Entertainment Incorporated and Jefferies Financial Group Incorporated, the Houston-headquartered vehicle used an official press release to detail that the cash and equity deal is worth approximately $745 million and is expected to close before the end of September.
Skilled stewardship:
Following this completion and the NASDAQ-listed buyer explained that it intends to change its name to Golden Nugget Online Gaming Incorporated and retain iGaming industry heavyweight Tilman Fertitta (pictured) as the newly-enlarge entity’s Chairman and Chief Executive Officer.
Future float:
Landcadia Holdings II Incorporated stated that this arrangement is also destined to see Golden Nugget Online Gaming Incorporated become only the second publicly-listed iGaming firm in the country, which will help it to maintain its reputation as ‘the preeminent operator in the United States online gaming market’. The firm revealed that it moreover intends to begin offering Golden Nugget-branded services to players in Pennsylvania and Michigan early next year with both of these premieres being overseen by its target’s long-serving President, Thomas Winter.
Experienced enterprise:
Golden Nugget Online Gaming Incorporated launched into the regulated New Jersey iGaming market near the end of 2013 and achieved profitability some three years later. The operator behind the domain at GoldenNuggetCasino.com subsequently became the first to begin offering live casino games to punters in the United States and last year detailed net income in excess of $11 million.
Read a statement from Fertitta…
“Golden Nugget is one of the most time-honored brands in the gaming business today. When customers hear the name Golden Nugget, they know they are dealing with a trusted online gaming business. Thomas and his team have done a remarkable job, [they] are the best in the industry, and with this transaction will have access to growth capital to allow for the rapid expansion of the business.”
Investment interest:
For his part and Rich Handler, Co-Chairman for Landcadia Holdings II Incorporated, used the press release to describe Golden Nugget Online Gaming Incorporated as ‘a household name throughout the United States’ courtesy of its ‘well-established’ position in the iGaming of New Jersey. He furthermore declared that he is ‘thrilled’ to be able to ‘bring this great opportunity to the public markets’ as the operator ‘is one of the best positioned companies to capitalize on’ the country’s ever-expanding online gambling opportunities.
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