HOUSTON, Aug. 18, 2020 /PRNewswire/ -- Golden Nugget
Online Gaming, Inc. ("GNOG" or the "Company") reported selected
financial results for the second quarter of 2020. For the three
months ended June 30, 2020, GNOG
reported the following for its New
Jersey operations:
- Gross Gaming Revenues of $28.2
million, compared to $15.3
million during the same period in 2019, an increase of
85%,
- Net Revenue of $24.8 million
compared to $13.9 million during the
same period in 2019, an increase of 78%,
- Operating Income of $8.5 million
versus $4.9 in the second quarter of
2019, a 74% increase.
"We are pleased with the continued strong revenue growth in
New Jersey and our ongoing
profitability." said Tilman J.
Fertitta, GNOG's owner.
Thomas Winter, Senior Vice
President and General Manager of GNOG stated, "Our second quarter
beat our target, supported by record players activity and Average
Revenue per User (ARPU). Our online play has remained strong in
July and into August, and we are confident that we will exceed our
revenue and operating income forecast in New Jersey this year. We look forward to
expanding our operations to Pennsylvania and Michigan, where our licensing process is
ongoing. We are closely monitoring the legislative momentum in
other states and, with the access to capital provided by the
proposed transaction with Landcadia, we will seek to expand our US
online gaming business, wherever regulations provide for profitable
growth opportunities."
On June 28, 2020 GNOG entered into
a transaction agreement with Landcadia Holdings II, Inc. (Nasdaq:
LCA), a special purpose acquisition company ("Landcadia") whereby
GNOG will become an indirect, wholly owned subsidiary of Landcadia,
which will change its name to Golden Nugget Online Gaming, Inc.
About GNOG
Golden Nugget Online Gaming, Inc. is a
leading online casino gaming company that is owned 100% by a
company wholly owned by Tilman J.
Fertitta. It is considered the market leader by its peers
and was first to bring Live Dealer and Live Casino Floor to
the United States online gaming
market.
About Landcadia Holdings II, Inc.
Landcadia Holdings
II, Inc. is a company formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses that is co-sponsored by Tilman
J. Fertitta and Jefferies Financial Group Inc.
Important Information About the Proposed
Transaction and Where to Find It
In connection with the proposed transaction, Landcadia has filed
a preliminary proxy statement with the U.S. Securities and Exchange
Commission (the "SEC"). Landcadia's stockholders and other
interested persons are advised to read the preliminary proxy
statement and, when available, the amendments thereto and the
definitive proxy statement and documents incorporated by reference
therein filed in connection with the proposed transaction, as these
materials will contain important information about GNOG, Landcadia
and the proposed transaction. When available, the
definitive proxy statement and other relevant materials for the
proposed transaction will be mailed to stockholders of Landcadia as
of a record date to be established for voting on the proposed
transaction. Stockholders will also be able to obtain copies of the
preliminary proxy statement, the definitive proxy statement and
other documents filed with the SEC that will be incorporated by
reference therein, without charge, once available, at the SEC's web
site at www.sec.gov, or by directing a request to: Landcadia
Holdings II, Inc., 1510 West Loop South,
Houston, Texas 77027, Attention: General Counsel, (713)
850-1010.
Participants in the Solicitation
Landcadia and its directors and executive officers may be deemed
participants in the solicitation of proxies from Landcadia's
stockholders with respect to the proposed transaction. A list of
the names of those directors and executive officers and a
description of their interests in Landcadia and the proposed
transaction is contained in the preliminary proxy statement for the
proposed transaction and will be included in the definitive proxy
statement for the proposed transaction when available.
GNOG and its directors and executive officers may also be deemed
to be participants in the solicitation of proxies from the
stockholders of Landcadia in connection with the proposed
transaction. A list of the names of such directors and executive
officers and information regarding their interests in the proposed
transaction is included in the preliminary proxy statement for the
proposed transaction and will be included in the definitive proxy
statement for the proposed transaction when available.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Landcadia's and GNOG's
actual results may differ from their expectations, estimates and
projections and consequently, you should not rely on these forward
looking statements as predictions of future events. Words such as
"expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, Landcadia's and GNOG's expectations with respect to
future performance and anticipated financial impacts of the
proposed transaction, the satisfaction of the closing conditions to
the proposed transaction and the timing of the completion of the
proposed transaction. These forward-looking statements involve
significant risks and uncertainties that could cause the actual
results to differ materially from the expected results. Most of
these factors are outside Landcadia's and GNOG's control and are
difficult to predict. Factors that may cause such differences
include, but are not limited to: (1) the occurrence of any event,
change or other circumstances that could give rise to the
termination of the definitive transaction agreement entered into in
connection with the proposed transaction (the "Purchase
Agreement"), (2) the outcome of any legal proceedings that may be
instituted against Landcadia and GNOG following the announcement of
the Purchase Agreement and the transactions contemplated therein;
(3) the inability to complete the proposed transaction, including
due to failure to obtain approval of the stockholders of Landcadia,
certain regulatory approvals or satisfy other conditions to closing
in the Purchase Agreement; (4) the occurrence of any event, change
or other circumstance that could give rise to the termination of
the Purchase Agreement or could otherwise cause the transaction to
fail to close; (5) the impact of COVID-19 on GNOG's business and/or
the ability of the parties to complete the proposed transaction;
(6) the inability to obtain or maintain the listing of Landcadia's
shares of common stock on Nasdaq following the proposed
transaction; (7) the risk that the proposed transaction disrupts
current plans and operations as a result of the announcement and
consummation of the proposed transaction; (8) the ability to
recognize the anticipated benefits of the proposed transaction,
which may be affected by, among other things, competition, the
ability of GNOG to grow and manage growth profitably and retain its
key employees; (9) costs related to the proposed transaction; (10)
changes in applicable laws or regulations; (11) the possibility
that GNOG or Landcadia may be adversely affected by other economic,
business, and/or competitive factors; and (12) other risks and
uncertainties indicated from time to time in the proxy statement
relating to the proposed transaction, including those under "Risk
Factors" therein, and in Landcadia's other filings with the SEC.
Landcadia cautions that the foregoing list of factors is not
exclusive. Landcadia cautions readers not to place undue reliance
upon any forward-looking statements, which speak only as of the
date made. Landcadia does not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances
on which any such statement is based.
No Offer or Solicitation
This press release shall not constitute a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed transaction. This press release shall
also not constitute an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of
securities in any states or jurisdictions in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of section 10 of the Securities
Act of 1933, as amended.
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SOURCE Golden Nugget Online Gaming, Inc.