Golden Nugget Online Gaming will go public on the Nasdaq exchange following a special-purpose reverse merger with blank check company Landcadia Holdings II.
Golden Nugget Online Gaming, the online division of the Golden Nugget chain of casinos owned and operated by Landry’s Incorporated and owned by Tilman Fertitta, will become only the second online casino operator to be purely publicly traded on a US exchange.
The deal, which is expected to close in the third quarter of 2020, will see the operator’s shares traded on the Nasdaq under the GNOG ticker symbol. It values GNOG at approximately $745m, or 6.1x its projected 2021 revenue of $122m.
Golden Nugget is the market leader in the New Jersey online casino market, the oldest and largest igaming jurisdiction in the US, responsible for 33.8% of the state’s $85.9m gross gaming revenue in May.