Golden Nugget will become only the second online casino operator to trade entirely publicly on a US exchange when it launches on the Nasdaq.
US.- Golden Nugget Online Gaming, the online division of Landry’s Golden Nugget chain of casinos, is to go public on New York’s Nasdaq exchange.
Houston-based billionaire owner Tilman Fertitta has announced he has entered into reverse merger agreement with blank check company Landcadia Holdings II.
According to the press release, when the deal is completed, Landcadia II will change its name to Golden Nugget Online Gaming Inc. and will trade on the NASDAQ under the ticker symbol “GNOG.”
The deal is expected to be finalised in the third quarter of this year and will value the company, the leading online casino operator in the New Jersey market, at US$745 million.
Fertitta said: “Golden Nugget is one of the most time-honored brands in the gaming business today. When customers hear the name Golden Nugget, they know they are dealing with a trusted online gaming business.”
Rich Handler, Co-Chairman of Lancadia Holdings II and CEO of Jeffries LLC, said in a statement: “GNOG is one of the best-positioned companies to capitalize on this massive online gaming opportunity in the US. We at Jeffries couldn’t be more thrilled to partner with Tilman and bring this great opportunity to public markets.”
The US$745 million valuation was calculated based on 6.1 times GNOG’s estimated revenue of $122 million.
Fertitta will serve as Chairman and CEO and will hold a controlling economic and voting interest in the new, combined company.