Golden Nugget’s iGaming business tops land-based

The iGaming segment from Golden Nugget has surpassed the land-based sector in October as it registered a 69% increase year-on-year.

US.- Golden Nugget has announced its financial results from October, a month in which the iGaming vertical topped the land-based sector. Online casino games generated US$16.6 million in October, which is a 71% rise year-on-year.

Golden Nugget contributed with over a third of the revenue in New Jersey’s online gambling market in October. On the other hand, the company’s land-based vertical’s win declined by 9.6% to US$14.7 million.

Eric Ramsey, online gambling analyst for PlayNJ.com, said: “What the Golden Nugget continues to prove is that its online casino can generate millions in revenue and grow at an overwhelming pace without a negative impact on their own land-based operations. When the first online casinos launched in 2013, many thought such a dynamic would be impossible. But clearly that has been proven wrong.”

Golden Nugget owner says AC has enough casinos

Tilmann Fertitta, owner of Golden Nugget Atlantic City, has recently said that Atlantic City “is not a nine-casino market.” The owner of the casino said that he doesn’t understand why nobody realises that Atlantic City is not a nine-casino market, Press of Atlantic City reported. Fertitta said that the opening of Hard Rock Hotel & Casino Atlantic City and Ocean Casino Resort affected Atlantic City.

“You could say the market is going up and that we’ve added thousands of jobs, but now every other casino has had to lay off jobs, so I don’t even know how big the net gain is. But now, none of the casinos have the cash flow that they did,” he said.

Moreover, the Golden Nugget and Houston Rockets owner said that the current situation is similar to the one from the start of the decade when facilities stopped investing because profits declined due to increased competition. Back then, five casinos closed in just two years.

“This is what happened to Atlantic City the first time, and it’s how the casinos got all run down. People didn’t have the money to keep (their properties) new and fresh by putting money back into it. I think it’s a huge mistake again. It’s a seven-casino market, and when it was seven casinos, everybody was putting money back into the properties. Now, they won’t.”