Golden Nugget Online Gaming (GNOG) reported Monday nearly a 63% year-on-year increase in gross gaming revenue for the year 2020. The preliminary financial results for the calendar year 2020, ending December 31, saw an increase of almost $102 million in gross gaming revenue in its initial results since spinning off from the land-based Landry’s business.
According to the following unaudited estimates reported by GNOG, the Tilman Fertitta-owned company saw a total revenue increase of nearly $91 million, up 63% from 2019’s $55.4 million. Gross Gaming Revenue (GGR) also witnessed a significant jump to around $102 million from $60.9 million reported in 2019, representing a roughly 67% year-over-year rise. The report also included Operating Income of between $23 and 24 million, compared to $17.6 million achieved during the same period in 2019, representing a rise of 38%.
‘A Milestone Year’
Golden Nugget Online Gaming chairman and CEO Tilman Fertitta, who announced this month a deal to make his company a public-listed entity, said 2020 was a milestone year for the business. The excellent year for GNOG is owed to both the high revenue and the company going public on the NASDAQ in December 2020 via the Lancadia II merger.
Fertitta said in a press release that he’s pleased with yet another year of rapid and profitable growth, adding that 2020 was a transformational year for his company, “which went public, reached $100 million in GGR and signed market access agreements in various states.” The billionaire businessman said he looks forward to replicating the GNOG’s New Jersey success in other states while taking advantage of the tremendous growth of digital gaming in the US.
Though the company reported a remarkable yearly growth, all of GNOG’s operations were limited to New Jersey in 2020. This January, GNOG launched its online operations in Michigan in collaboration with the Ojibwa casino after the launch of the state’s legalized iGaming market. After a soft launch, the company has been quickly building up its digital casino marketing investment, witnessing huge momentum in player acquisition and revenue.
While expressing thrill over the Michigan launch, GNOG President Thomas Winter said the company is optimistic about the revenue opportunity. He said that the company is already witnessing nearly $2 million in daily casino wagers in the initial marketing campaign. Winter also added that GNOG anticipates that its business in the Great Lakes State is likely to exceed its earlier expectations amid a flourishing Michigan online market.
GNOG Embraces New VP
The company also announced the inclusion of digital gaming industry veteran Kevin Vonasek into its folds as GNOG’s Vice President of Corporate Development. Vonasek is expected to push GNOG’s expansion into new states besides working on multiple strategic initiatives, including the addition of exclusive and innovative products. Vonasek has previously worked as Chief Product Officer Americas at NYX Gaming Group and VP of Business Development Americas at Scientific Games Digital.
Winter hailed Kevin’s induction, saying the new official holds the perfect mix of products, having commercial and entrepreneurial expertise that GNOG was looking for.
Vonasek said that for many years he held the Golden Nugget team and the company’s accomplishments in the highest regard, adding that he is thrilled to be joining the team and looking forward to helping GNOG expand its market-leading position across every US iGaming market.