Golden Nugget a top online casino operator in New Jersey it wants to prove that its dominance in the Garden State is not just a chance occurrence.
This Monday, GNOG – Golden Nugget Online Gaming Inc. – disclosed that it had put the West Virginia sports betting and online gambling market in the bag through a massive deal they penned with the Greenbrier Hotel Corporation. This firm runs the upscale resort that goes by the same name.
The deal is hinged on the fact that GNOG has to get the approval from the local regulatory bodies.
GNOG then has to pay Greenbrier a percentage of online betting revenue that hasn’t been disclosed and it is based on minimum royalty payments that will spread over a specified term.
Both parties have also exchanged the customary clichés about how things were going south in their respective lives and how incomplete it was until their encounter.
Previously, Greenbrier just signed a related deal with the well-known FanDuel Group. This group just unveiled mobile sports betting some sometime back specifically in August last year. However, they are yet to back it up with their online casino product.
At present, West Virginia has just 2 online casino options which are the BetMGM and DraftKings. However, the former outfit operates through the online permit of Greenbrier.
The West Virginia deal inked by GNOG comes just a week after the firm was able to get an online gambling license in Illinois through another partnership they entered with Wilmot Gaming Illinois.
Both companies signed a joint venture that will see them build a state of the art Golden Nugget-branded casino that will be situated in Danville.
Also, GNOG will pay about $30 million upfront and will also pay Wilmot an agreed percentage of its net gambling profits – this is also subject to minimum payments – the moment they kick-start operations.
At the start of the year, GNOG got access to the online market of Michigan through a deal with the Indian Community Ojibwa Casino brand of Keweenaw Bay.
This was done with the aim of releasing both sports betting and online casino products immediately after state regulators give them the go-ahead.
GNOG has also concluded plans to enter the online casino market of Pennsylvania even though the timeline has not been disclosed yet.
In the meantime, the plan of GNOG to get listed on the NASDAQ exchange will also be discussed in a high priority meeting of the New Jersey Casino Control Commission that will be held on Wednesday 25th.
The plan consists of severing ties with the online operations of Golden Nugget Atlantic City’s casino. They intend to make it a standalone body due to how successful it has been and it’ll be bought by a SPAC (special purpose acquisition company) called Landcadia Holdings II Inc.
Already, Landcadia has been listed on the NASDAQ as LCA but there are plans to change it to GNOG after the purchase of the online business of Nugget.
The Nugget’s online casino is the undisputed market leader of New Jersey as they topped the monthly revenue reports of the state for several years, including for the month of October 2020. During that time, the Nugget earned a massive $28.1 million of the total $93.45 million in online casino proceeds.