Who Owns The Golden Nugget Casino In Atlantic City

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It’s not often that investors get two apples of the same apple, but Golden Nugget Casino can give them that opportunity.

Who Owns The Golden Nugget Casino In Atlantic City

Their first hit will come in late December when shareholders of special purpose acquisition company Landcadia Holdings II (LCA) will vote on whether to merge with online casino operator Golden Nugget Online Gaming; Another would be if Golden Nugget pursues casinos with an IPO.

Golden Nugget From ₹ 2,748. Atlantic City Hotel Deals & Reviews

Investors were scheduled to vote on the Landcadia acquisition at a special shareholders’ meeting on December 18, but the meeting was delayed after not enough shareholders voted. Although 99% of the votes were in favor of the merger, more participants are still needed to vote on it and it has been rescheduled for the end of the month.

If the Golden Nugget Online Gaming merger goes through, it would become the second pure-play, publicly held online casino in the country after DraftKings (DKNG -0.66%) , which also completed a merger in April after completing a $3.3 billion deal. Along with SBTech and Diamond Eagle Acquisition Corp.

Golden Nugget is the largest online casino in New Jersey with over $289.4 million in revenue so far in 2020. That’s 80% more than it made for the same period last year and 60% more than second-place MGM Resorts (MGM -1.05%) Borgata earned this year.

Not all of that revenue comes from GNOG, however, as there are four brands that operate under the casino license. Besides GNOG, there is also BetFair, SugarHouse and Bet America. Although New Jersey’s gaming regulators do not break down each brand’s revenue contribution, GNOG recently reported third-quarter gaming revenue of $28.9 million, up 93% from last year, and net income of $25.9 million, a 92 percent year-over-year increase. Operating income also increased 92 percent to $8.2 million.

Golden Nugget Hotel & Casinos

All of Nugget’s gold coins are owned by billionaire businessman Tilman Fertitta. He is not only the head of Landcadia, but also the CEO of GNOG and the owner of Golden Nugget Casino; restaurant chains Landry’s, Bubba Gump Shrimp and Del Frisco’s; as well as the Houston Rockets of the National Basketball Association.

It was recently reported that Fertitta is interested in taking his casino and restaurant properties public through an IPO. By using debt to fuel the growth of his companies, taking GNOG and Golden Nugget public would allow him to pay off many of his debts.

But New Jersey’s golden nugget has had a tough time during the pandemic. It was eighth in casino revenue in the state, ahead of Caesars Entertainment’s Bally, and well behind most of its competitors in sports betting.

Trading on sporting events has kept Atlantic City casinos afloat during the pandemic, and the clear leaders in that field are DraftKings and Flutter Entertainment’s FanDuel.

Tilman Fertitta Is Approaching Caesars For Merger With Golden Nugget

To date, the Golden Nugget has generated just over $1.1 million in sports betting revenue. In contrast, FanDuel The Meadowlands Racetrack is running away from the field, generating $173.3 million.

For an investor, it seems like it would be a good bet if the Golden Nugget online gamble goes public, which is almost a formality at this point, assuming it can get enough voters to vote.

Online gaming, especially sports gambling, has made New Jersey the leading state for such wagering, and GNOG plans to expand to other states, including Michigan and Pennsylvania.

Golden Nugget Casino, on the other hand, may be a better bet for investors than Fertitta. With land-based casinos still constrained by pandemic and social distancing restrictions such as operating at 25% capacity, it may be harder to pull off than indoor direct.

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Atlantic City casinos are sick, and Las Vegas is coming and going fast. I’d rather double the eight than split it between GNOG and Golden Nugget.

Rich Dupre has no position in any of the stocks listed. Motley Fool has no status in any of the stocks mentioned. Motley has a Disclosure Policy.

Landcadia SPAC deal gives people confidence in online gaming gold nugget Why Landcadia Holdings II surged nearly 10% Thursday Could online gaming gold nugget be the next draft? Tilman Fertitta’s stock market beat pays off — for SPAC investors

Calculated by the average return of all stock offers since the launch of the Stock Advisor service in February 2002. Return from 08/01/2023.

Golden Nugget Hotel & Casino, Atlantic City, Nj

Calculated by weighted-weighted returns since 2002. Volatility profiles based on three-year back-to-back calculations of the standard deviation of service investment returns.

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Invest better with Motley Fool. Get stock recommendations, portfolio guidance and more from The Motley Fool’s premium services. Houston, May 24, 2011 // –Tilman J. Fertitta, owner, president and CEO of Landry’s, Inc., the Golden Nugget Las Vegas and parent company Laughlin, announced today that Fertitta Entertainment has completed the acquisition of the Trump Marina Hotel and Casino in Atlantic City.

“We hope to revitalize the Marina District with our move to the Golden Nugget, just as we helped revitalize downtown Las Vegas with our Golden Nugget concept,” Fertitta said. “Golden Nugget has strong brand recognition, especially in Atlantic City, and we look forward to bringing our global version of this product to market.”

Billion Dollar Buyer’ Tilman Fertitta Cruises Into Golden Nugget Atlantic City For Book Promotion Events

Extensive transformational renovations to the property have already begun to give it a new look, including a facelift, the addition of the popular Chart House restaurant, two new temporary bars and lounges with live entertainment, and four guest rooms with complete updates. . Coming soon, the high-energy Rush Lounge and a unique new after-hours bar will be complete with a poker room, racebook, canoe room, spa and renovated showroom theater-style seating. The Red Room will be New Jersey’s newest hot spot and the latest spot to visit starting Memorial Day weekend. For those looking to enjoy the outdoors, a state-of-the-art H2O Pool and Ultra Lounge will offer year-round hot tubs and fireplaces for an indulgent experience unlike anything available in Atlantic City. The deck, which opens for the season on May 20, will increase the amount of live entertainment and offer guests the opportunity to enjoy live music right on the marina. Renovated rooms and suites Golden Nugget will offer guests luxurious accommodation. A high-end retail boutique will complete the shopping experience. All improvements are expected to be completed by the end of this fall. This transformation of the Golden Nugget, the only casino with a full-service marina, will continue Atlantic City’s transformation into a premier resort destination.

Building on the golden nugget tradition of culinary excellence, three established signature concepts of Landry’s, Inc. The new building will include: Chart House, which opens opposite the marina on May 26 and marks the 30th location nationwide; Vic and Anthony’s, a world-class steakhouse; and Grotto, a trattoria-style restaurant with fine Italian cuisine. Other award-winning restaurant concepts will also open at the property, including Red Sushi and Lily’s Asian Cuisine and Noodle Bar.

Golden Nugget Atlantic City will serve as a flagship resort, offering guests 740 rooms and suites. The entire property is currently undergoing renovations and will receive a modern, modern look to include a high-energy casino featuring the most popular and video poker machines, table games, race and sports book and poker rooms; nightly entertainment, new bars and lounges, great shopping opportunities, as well as popular Landry restaurants such as Chart House and Vic & Anthony’s Steakhouse; luxury spas and salons; and H20 Pool Hall. The new owners, Landry’s, Inc., will introduce first-class accommodations, fine dining options and entertainment venues unlike anything available in Atlantic City, with all renovations to be completed by the end of 2011. Golden Nugget has already built a strong brand identity around the world with locations in both Las Vegas and Laughlin, NV.

Landry’s is a national, diversified restaurant, hospitality and entertainment company that owns and operates fine and casual dining restaurants primarily under the Rainforest Cafe, Saltgrass Steak House, Landry’s Seafood House, Clam Jumper, Bubba Gump Shrimp Company names. and The Chart House as well as Signature Series: Vic & Anthony’s, Brenner’s Steakhouse, Grotto, LaGriglia, Pace, Willie G’sand Oceanaire. The company also owns and operates hospitality businesses, including the Golden Nugget Hotel and Casino in Las Vegas and the Downtown Aquarium in Laughlin, Nevada, Kemah Boardwalk, San Luis Resort, Inn at the Ball Park and Denver.

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