FEATURE: GOLDEN NUGGET
GOLDEN NUGGET ONLINE GAMING:
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Will Its Future Be Golden? By Damien Connelly pecial Purpose Acquisition
Companies (SPACs) are in fashion. In a 2020 investor presentation, Golden Nugget Online Gaming (Nasdaq: GNOG) estimated its pro-forma enterprise value to be $745 million. As at close of trade 17 February, GNOG’s EV was estimated to be $1.18 billion by Morningstar. In a 2021 prospectus, GNOG described itself as “an online gaming, or iGaming, and digital sports entertainment company focused on providing our customers with the most enjoyable, realistic and exciting online gaming experience in the market … we aspire to live up to the reputation of Golden Nugget, a storied brand in the gaming industry, sportsbettingoperator.com
by providing customers with an online gaming experience consistent with Golden Nugget’s land-based casinos. Our technology is designed to create superior online betting experiences for the avid casino and sports bettor. Our goals have been shaped with these players in mind, both in who he or she is today and who the company anticipates he or she will become as the gaming industry evolves.” In my Last Word in issue 142 of Casino Life titled ‘Pivot Your Operations’, I touched on the opportunities being alluded to in this article’s main image — from a corporate strategy perspective, it’s what Coca Cola called ‘within arm’s reach.’ You can see from the Player Economics slide from GNOG’s 2020 43
