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Golden Nugget Online Gaming To Become Public

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Golden Nugget Online Gaming To Become Public
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Landcadia Holdings II, Inc. to Acquire Golden Nugget Online Gaming

Tilman J. Fertitta and Landcadia Holdings II,  Inc. announced today that Landcadia II has entered into a Purchase Agreement to acquire Golden Nugget Online Gaming, Inc. (“GNOG”), a US online real money casino owned by Tilman Fertitta, recognized by both its peers and customers alike as the industry leading online casino that brought Live Dealer to the US market place. Landcadia II is a publicly traded special purpose acquisition company co-sponsored by Fertitta Entertainment, Inc. and Jefferies Financial Group Inc.

GNOG will become only the second pure publicly traded online casino company in the US. The transaction is expected to close in the third quarter of this year.  Upon closing, Landcadia II intends to change its name to Golden Nugget Online Gaming, Inc. and its Nasdaq trading symbol to GNOG.

“GNOG is one of the best positioned companies to capitalize on this massive online gaming opportunity in the US,” said Rich Handler, Co-Chairman of Landcadia II and CEO of Jefferies LLC. “We at Jefferies couldn’t be more thrilled to partner with Tilman and bring this great opportunity to the public markets.”

Golden Nugget is a household name throughout the United States and its iGaming business is a well-established leader in New Jersey, the largest online gaming market in North America. GNOG has obtained market access, subject to regulatory approval, to Pennsylvania and Michigan and anticipates launching its online casino brand in each of those new markets in early 2021.

GNOG is known among its industry peers as the preeminent operator in the US online gaming market, having won the EGR North America Top Operator Award for three consecutive years. GNOG is known for its innovation, including initiating Live Dealer, Live Casino Floor gambling and a number of exclusive slot machine games to mobile devices, tablets and computers throughout New Jersey, as well as its top-notch 24/7 customer support.

Tilman J. Fertitta will remain GNOG’s Chairman and CEO, and Thomas Winter, who was brought in to develop Golden Nugget’s online gaming business, will continue to serve as GNOG’s President.  During the seven years since Thomas Winter started Golden Nugget’s iGaming business in New Jersey, revenues and profitability have grown each year despite facing competition with greater financial resources. According to Mr. Fertitta, “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. Thomas and his team have done a remarkable job, are the best in the industry, and with this transaction, will have access to growth capital to allow for the rapid expansion of the business.”

GNOG Highlights

  • Started operation in New Jersey Q4 2013
  • Became profitable in 2016
  • First online gaming company to launch Live Dealer in the US
  • Won Industry award as top operator 3 years in a row
  • First to launch Live Casino Floor in US
  • Net Income of over $11 million in 2019

Key Transaction Terms

The transaction values the combined company at an anticipated pro forma enterprise value of approximately $745 million, or 6.1x GNOG’s estimated 2021 revenue of $122 million. The consideration payable to the parent entity of GNOG will consist of a combination of cash and rollover equity in Landcadia II.  Upon completion of the transaction, Tilman J. Fertitta, Chairman and CEO, will, through the parent entity of GNOG, hold a controlling economic interest (through an Up-C structure described below) and a controlling voting interest in the combined company.  The combined company will have a dual-class share structure with super voting rights for Mr. Fertitta.

Landcadia II will be assuming $150 million of GNOG debt of and will pay down at closing an additional $150 million of its debt, plus pay prepayment fees, transaction fees and expenses. Subject to redemptions, there is approximately $321 million currently held in Landcadia II’s trust account. Upon payment of the purchase price, debt repayment and transaction fees and expenses, the combined company will have at least $80 million on its consolidated balance sheet at closing and an anticipated pro forma equity market capitalization of nearly $700 million.

The transaction will be structured as an Up-C where an entity indirectly owned by Mr. Fertitta will retain common units of a partnership managed by the combined company and an equal number of non-economic voting shares in the combined company.  The combined company will also enter into a customary tax receivable arrangement with such entity indirectly owned by Mr. Fertitta, which will provide for the sharing of tax benefits relating to certain pre-combination tax attributes, as well as tax attributes generated by the transaction and any subsequent sales or exchanges by the entity indirectly owned by Mr. Fertitta of their equity interests, as those attributes are realized by the combined company.

The transaction has been unanimously approved by the Board of Directors of Landcadia II, upon the unanimous recommendation of a committee comprised solely of Landcadia II’s disinterested independent directors (the “Committee”).  The transaction will require the approval of a majority of the outstanding shares of Landcadia II, excluding shares beneficially owned by Tilman J. Fertitta and Jefferies Financial Group, and is subject to customary closing conditions, including certain regulatory approvals. Jefferies LLC is acting as exclusive financial and capital markets advisor to Landcadia II.  Haynes and Boone LLP is acting as legal advisor to GNOG. White & Case LLP is acting as legal advisor to Landcadia II. Houlihan Lokey, Inc. is serving as financial advisor to the Committee of Landcadia II.

 

SOURCE Landcadia Holdings II, Inc.

Gambling in the USA

Happening next week, the Gaming Americas Q1 Meetup (26 January, 2022)

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The Gaming Americas Quarterly Meetups have proved to be of huge success for the gaming and gambling industry in North and Latin America, and the #hipthers are excited to send you a reminder that the Q1 Meetup of 2022 is taking place next week on 26 January.

Launched in 2021, the quarterly meetups are designed to keep you up-to-date with what is fresh in the North and Latin American gambling industry.

The meetups feature several panel discussions per region and topics that are joined by key industry experts, CEOs, C-Level Executives, Business Development Managers, and sometimes government officials/regulators.

All meetups offer the opportunity to network online in special break-out sessions, but also join a round table discussion which answers all burning questions of the industry at a certain point in time during the year. All this is done in a safe, virtual environment.

You can register here for free to receive updates about the speaker lineup and agenda.

As mentioned above, the first virtual quarterly meetup will take place next week on Wednesday, 26 January, and here is the lineup of discussions you can join via ZOOM, WireUp, HIPTHER TV, or YouTube:

Times are EST – (GMT -5) New York Time

  • 9:30 AM – 10:30 AM – Is the LatAm market emerging or maturing (11:30 – 12:30 – Buenos Aires Time)
  • 10:30 AM – 11:30 AM – Is responsible gambling being sufficiently prioritized in the US market?
  • 11:30 AM – 12:00 PM – Fireside chat: Applying different tactics to reaching bettors in North America and Europe
  • 12:00 PM – 1:00 PM – US Legislation Round-up
  • 1:00 PM – 1:45 PM – The Canadian Gaming Industry Updates with Chantal Cipriano
  • 1:45 PM – 2:15 PM – Fireside Chat: SeventySix Capital welcomes new guest
  • 2:15 PM – 3:00 PM – Crypto Catchup with Segev LLP

Among the confirmed experts who are taking part in the discussions you can find:

  • Brianne Doura-Schawohl – Founder and CEO, Doura-Schawohl Consulting LLC
  • Victoria Reed – Co-Founder at Better Change
  • Jenny Lu – General Manager North America of OtherLevels
  • Charmaine Hogan – Head of Regulatory Affairs at Playtech
  • Chantal Cipriano – Vice President of Legal, Compliance & People with PointsBet Canada
  • Gabriel Szlaifsztein – General Manager LATAM at Continent 8 Technologies
  • David Mann – Chief Commercial Officer at Swintt
  • David Charnock – Business Development Executive at FSB
  • Andrea Rossi – Commercial Director Southern Europe & LatAm at Betsson Group
  • David Plumi – Regional Managing Director Latam & Spain at PressEnter Group
  • Tony Ure – Head of e-Gaming, Isle of Man Digital Executive Agency, Department for Enterprise
  • Victor Pronk – Chief Commercial Officer (CCO) at Incentive Game
  • Allan Petrilli – VP of Sales & Growth at Intelitics
  • Hugo Vint – Business Development and Growth for OtherLevels in Europe
  • Brandt Iden – Head of Government Affairs, US for Sportradar US
  • Martin Lycka – SVP for American Regulatory Affairs and Responsible Gambling, Entain
  • Christopher Hebert – Gaming Division Director, Louisiana Attorney Generals Office
  • William J. Pascrell, III, Esq – Partner at Princeton Public Affairs Group, Inc.
  • Ty Jackson – Sports Tech Investor at SeventySix Capital
  • Ron Segev – Founding Partner of Segev LLP

You can register here for free to receive updates about the speaker lineup, agenda, and all upcoming meetup-related information, including recordings.

Hipther Agency is the parent brand of European Gaming, PICANTE, WireUp Zone, and Gaming Americas, eSports Connect, the HIPTHER news app, and the WireUp networking app (in testing phase) found on the Play Store.

To receive constant updates from Hipther Agency and conference agenda updates, subscribe here: http://eepurl.com/hfyZxf

For sponsorship/speaking inquiries, make sure to reach out to Andrada Marginean (B2B Sales Manager at Hipther Agency) at [email protected]

For media-related inquiries, please contact Alexandru Marginean (Marketing Specialist at Hipther Agency) at [email protected]

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Gambling in the USA

Gaming Americas Weekly Roundup – January 10-16

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and new acquisitions. Read on and get updated.

Latest News

The wait for mobile sports betting to arrive in New York is officially over. After being named one of the first operators to receive a license for mobile sports wagering operations in the state, Caesars Entertainment made history with its online and mobile sports betting app, Caesars Sportsbook, accepting its first sports wagers in the Empire State.

MGM Rewards is the revamped loyalty rewards programme that MGM Resorts is set to launch on February 1. The “reimagined” programme offers new ways to earn for both gaming and non-gaming spend, plus enhanced guest experiences.

Caleta Gaming has announced that its full game portfolio is online at Foliatti Casino, the first online casino from Mexican Group Foliatti. Video bingos, video slots, kenos, lottos and scratch cards provided by Caleta are already available to Foliatti Casino players.

JCM Global has installed its core product suite at Penn National Gaming’s new Hollywood Casino Morgantown. The $110m Pennsylvania property opened in December 2021, with JCM having installed its product suite – which includes its iVIZION bill validator, GEN5 Thermal Printer and ICB Intelligent Cash Box system – in all 750 games on the casino floor.

Aristocrat Gaming’s Neptune Canopy is now live on casino floors and has made its eastern US debut at Mohegan Sun. Aristocrat’s Neptune Canopy cabinet is a landmark in casino game play. When placed back-to-back, two games create a connected canopy for a sweeping gaming experience unlike any other.

PayNearMe has announced that it has been granted approval by the New York Gaming Commission to provide its MoneyLine platform to licensed operators across the state.

Partnerships

PointsBet Canada has joined the NHL Alumni Association as their exclusive sports betting partner in Canada and official partner in the US.

Madison Square Garden Sports Corp has announced a multi-year marketing partnership with Socios.com, naming the all-in-one influence and rewards blockchain app for sports fans across the world an Official Partner of the New York Knicks and New York Rangers.

The PGA TOUR and FanDuel announced a three-year extension through 2024 to their content and marketing relationship designating FanDuel an Official Betting Operator of the PGA TOUR.

BestOdds.com, a leading sports betting and education brand, has signed affiliate-partnership agreements with Caesars and FanDuel, two of the major US online sports betting operators licensed in New York.

International Game Technology has signed a strategic sports betting agreement with Meruelo Gaming, an affiliate of the SAHARA Las Vegas and Grand Sierra Resort in Reno, Nev., and the Arizona Coyotes.

The New York Gaming Commission has officially legalised the operation of sports betting platforms in the state. The Game Day, an affiliate partner to the major sportsbook operators, has secured partnerships with the four sportsbooks and has begun to market NY-specific promotions and offerings to in-state gamblers and bettors.

New Acquisition

Eilers & Krejcik Gaming has acquired assets of Fantini Research, including its gaming news publications and virtual trade show business. Fantini Research will continue to operate under the Fantini Research brand and will be a separate division of Eilers & Krejcik Gaming.

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Compliance Updates

New horizons in the world of mobile: WakeApp agency received a license to promote gambling in the state of Arizona

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New horizons in the world of mobile: WakeApp agency received a license to promote gambling in the state of Arizona
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The mobile marketing agency WakeApp, which is a guide to the world of mobile, has received another license to promote products in the igaming and sports betting verticals from the Arizona Department of Gaming. This means that from now on, licensed clients of the company can use the services of the agency and get hundreds of thousands of new players in this state.

WakeApp is actively expanding its presence in promising countries and opening up new opportunities to promote products in their territories.

In the state of Arizona, the sports betting vertical was fully legalized only in September 2021.

According to the Arizona Department of Gaming, in the first 2 months after the legalization of betting in this state, players made more than $777 million in bets, most of which were made using mobile devices. This is almost double the previous record in Virginia, where more than $324 million in bets were made in the first 2 months after legalization.

“Right now is a great time to master this market! Structural advantages and unparalleled player enthusiasm will enable advertisers to make the most of the existing acquisition opportunity in the new region.” – CBDO Nikolay Belikov.

Already, the agency has received applications from regular advertisers for promotion in the state of Arizona and is actively preparing to launch new advertising campaigns.

Note: WakeApp is an international project and has been on the market for 7 years, it is also a leader in the development and promotion of gaming and non-gaming mobile applications in the e-com, video streaming, food delivery, sport, utilities, and finance verticals. Earlier in 2021, WakeApp was ranked in 5 categories in the 13th AppsFlyer Performance Index XIII. WakeApp has positioned itself amongst major international competitors such as Search Ads, Google Ads, Facebook Ads, TikTok and others, and also became the only agency represented in the ranking.

 

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