“The transaction would deprive (the casino) of the much-needed cash flow from internet gaming on a permanent basis,” Thompson said.īecause of this CCC Chairman James Plousis recommended conditions be added to the merger agreement to protect the land-based casino’s revenues. “You need to have adequate access to capital to be able to grow and compete effectively in this nascent and very quickly growing industry,” Liem said, according to the Press of Atlantic City.Ī representative of the state Division of Gaming Enforcement, Dylan Thompson, expressed concerns at the hearing that the deal could hurt Golden Nugget Atlantic City, which has benefited greatly from the iGaming revenue boost. After the merger, the new public company would trade under the symbol GNOC.Īt the special meeting, Golden Nugget Vice President and Treasurer Richard Liem testified that the merger would allow Golden Nugget Online, New Jersey’s top online gaming site, to access capital to enable it to compete with larger operators in the expanding U.S. The entity itself will merge with publicly traded Landcadia Holdings II Inc., a “blank check” acquisition company established by Fertitta that currently trades under the symbol LCA. The license granted to GNOC makes the entity an internet gaming affiliate of Golden Nugget casino. Through the first 10 months of 2020, Golden Nugget has won more than $263 million from online gaming.

The land-based casino only generated $22 million more than online for the entire year. In 2019, Golden Nugget reported more than $177 million in online gaming revenue. The approval comes as Golden Nugget Atlantic City continues to be the market leaders in online gambling in New Jersey. Federal regulators must still sign off on the deal. The move was approved at a special meeting of the commission the day before Thanksgiving, requested by Golden Nugget casino owner Tilman Fertitta.

The New Jersey Casino Control Commission last week granted a casino license to Golden Nugget Online Gaming LLC, and approved the internet casino subsidiary’s request to merge with a purpose acquisition company to become a public company traded on the Nasdaq exchange.

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