GNOG sees Q3 net loss widen despite revenue growth
| By Robert Fletcher
Golden Nugget Online Gaming (GNOG) posted a net loss of $25.8m (£19.3m/€22.5m) for the third quarter of its 2021 financial year, more than it lost in the same period of 2020, despite also reporting a 37.4% year-on-year rise in revenue.
Total revenue for the three months through to the end of September amounted to $35.6m, up from $25.9m in the corresponding period last year.
GNOG drew most of its revenue from gaming, with revenue in this segment of the business rising 38.9% year-on-year to $31.8m, while other revenue also increased 26.7% to $3.8m.
The quarter also saw a number of major highlights, not least an agreement for DraftKings to acquire 100% of the GNOG business in an all-stock deal with $1.56bn. Brokered in August, the deal means GNOG’s chairman, chief executive and largest shareholder, Tilman Fertitta, is set to join the DraftKings board.