• Wed. May 12th, 2021

Golden Nugget On-line Gaming Closes SPAC Merger, Goes Public

US on-line playing firm Golden Nugget On-line Gaming (GNOG) accomplished on Tuesday a beforehand introduced merger with a particular goal acquisition firm and is ready to begin buying and selling on NASDAQ later right now, December 30.
GNOG was acquired by Landcadia Holdings II, Inc., a blank-check firm shaped final 12 months by Texas businessman Tilman Fertitta and New York-based Jefferies Monetary Group. Mr. Fertitta can be the proprietor of the Golden Nugget chain of casinos in addition to of GNOG itself.
Landcadia shareholders voted in favor of the enterprise mixture at a particular assembly held Tuesday. An authentic assembly was scheduled for December 18, however that one was adjourned as a result of there weren’t sufficient investor votes to clear the tie-up.
After the proposed mixture garnered sufficient shareholder help on Tuesday, Landcadia modified its identify to Golden Nugget On-line Gaming, Inc. The newly shaped entity will go public on NASDAQ later right now and can commerce underneath the ticker image GNOG.
Mr. Fertitta and Jefferies shaped Landcadia and took it public in 2019. The clean test firm raised $316 million for an acquisition. Information emerged in June that Mr. Fertitta’s on-line gaming and sports activities betting firm could be its acquisition goal.
US Enlargement
Now because the SPAC merger was finalized, Mr. Fertitta will proceed to function GNOG’s CEO and Chairman. Thomas Winter will retain his function as President of the web playing firm and the remainder of the GNOG group will too proceed of their earlier roles.
Mr. Fertitta mentioned that he’s happy the mix lastly shut and that they see “large alternative within the on-line gaming house and are excited to be part of it.”
As a public firm, GNOG will pursue growth in numerous states the place on-line gaming and sports activities betting are authorized.
Final month, the corporate landed an vital deal in Illinois because the state’s playing market is in the course of its greatest growth in a few years. GNOG partnered with Danville Growth to type a three way partnership and construct a Golden Nugget-branded casino within the east-central Illinois city of Danville.
Below the phrases of GNOG’s partnership with Danville Growth, Mr. Fertitta’s firm will solely supply on-line sports activities betting and digital casino merchandise with the long run casino.
It was in November once more when GNOG penned a take care of Greenbrier Lodge Company to supply on-line gaming and sports activities betting with The Greenbrier casino resort in White Sulphur Springs, West Virginia.
GNOG’s partnership with The Greenbrier secured the digital playing operator with entry to all 4 privately operated on-line gaming markets within the US, with New Jersey, Michigan, and Pennsylvania being the opposite three.
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