Golden Nugget seals Illinois market access
The 20-year agreement has been struck between GNOG and Danville Development, which will construct the venue in Danville, Illinois, giving the operator exclusive rights to offer sports betting, and if permitted by law in future, online casino gaming.
Danville Development is a joint venture between Wilmot Gaming Illinois, a subsidiary of New York-based real estate developer Wilmorite Management Group, and GN Danville, a wholly owned subsidiary of Golden Nugget.
As part of the agreement, GNOG will provide a $30m mezzanine loan towards the venue’s constriction, and will pay a percentage of net gaming revenue, which will be subject to minimum royalty payments.
“Wilmot is pleased to deliver Golden Nugget and GNOG to the City of Danville and is excited to partner with Tilman J. Fertitta,” Wilmot Management Group vice president James Wilmot said.
“The Golden Nugget is a nationally recognised brand and strengthens the submission, provides additional opportunities, and upgrades the overall project,” he said. “The Wilmot family would also like to personally acknowledge the efforts and support of the City Council and Mayor of Danville; without their diligence and attention to detail this project would not be possible.”
GNOG president Thomas Winter added: “We are thrilled to gain market access in Illinois, the fifth most populous US state and the largest to have regulated mobile wagering to date.
“This is a tremendous opportunity for us to further increase our US footprint and deliver on our ambitious growth plans,” Winter said. “We look forward to bringing our award-winning online offerings to the Prairie State.”