New Jersey approves Golden Nugget – Landcadia merger

The company plans to list on the Nasdaq Stock Exchange.
The company plans to list on the Nasdaq Stock Exchange.

The new company will be granted a licence to operate under Golden Nugget Online Gaming.

US.- The New Jersey Casino Control Commission has approved casino operator Golden Nugget’s request to merge with blank-check company Landcadia Holdings and to take the new company public.

The commission’s decision means the company will be granted a licence to operate under Golden Nugget Online Gaming (GNOG) and paves the way for a listing on the Nasdaq Stock Exchange.

While a signature from the Federal Trade Commission (FTC) is still needed to finalise the merger, the entity does not usually reject special purpose acquisition deals.

Landcadia Holdings’s plans to acquire Golden Nugget first surfaced in June, and it was projected that the deal would close by the end of the year.

GNOG owns five land-based casinos across the US, including one in Atlantic City, and has a leading position in the online gambling market. As more and more states begin to legalise online gambling operations, operators are seeking to gain licences in as many states as possible.

After a successful second quarter, in which the casino operator reported 84.3 per cent growth in revenue to $28.2m, the company has been looking to expand into other markets in the US.

This week, it announced an agreement with Greenbrier Hotel Corp to gain access to the online market in West Virginia.