Higher costs lead to $14.4m loss at Golden Nugget Online Gaming in 2020
| By Robert Fletcher
Golden Nugget Online Gaming (GNOG) said a sharp increase in expenses led to a $14.4m net loss for its 2020 financial year, though the operator did experience a significant increase in revenue.
Total revenue for the 12 months to December 31 amounted to $91.1m (£66.4m/€77.0m), up 64.4% from $55.4m in the previous year.
Gaming revenue reached $79.9m, which was 67.5% more than 2020 and slightly higher than GNOG’s initial forecasts published last month. Other revenue was also 45.5% up from $7.7m to $11.2m.
Last year marked a key period of change for GNOG, with 2020 being its first year of financial results since spinning off from the land-based Landry’s business.
GNOG in December completed its combination with special purpose acquisition company (SPAC) Landcadia Holdings II. Shares in the combined business began trading on the Nasdaq from December 30, 2020.