GNOG records H1 revenue growth ahead of $1.56bn DraftKings deal

| By Nosa Omoigui
Golden Nugget Online Gaming (GNOG) has recorded revenue of $58.4m (£42.3m/€49.6m) for the first half of 2021, representing a 38.7% increase on the same period last year, as it prepares for an acquisition by DraftKings.
Golden Nugget records H1 revenue growth

$51.1m of the revenue total was derived from gaming – a 38.1% increase from 2020 – while $7.3m came from other sources.

However, GNOG’s expenses also increased significantly from 2020, rising 156.1% to $71.2m. Revenue costs were $26.9m, advertising and promotion amounted to $30.9m, and administrative costs totaled $13.4m.

As a result, GNOG recorded an operating loss of $12.8m for the first half of the year. However, a $90.0m gain on the change of values of warrants related to GNOG’s  SPAC merger helped to make up for this.

Because of this, half-year net income came to $68.1m – up 1483.7% from 2020.

Adjusted earnings before interest, taxation, depreciation and amortization were down from $14.4m in 2020 to a $7.4m loss, which the operator attributed to growth investments in new markets such as Michigan.

Read the full story on iGB North America.

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