Fertitta to Take Golden Nugget’s Online Gaming Public
Tilman Fertitta (l.), owner of Golden Nugget Casinos, has announced he will take the online gaming portion of his company public. The new company, will be called Golden Nugget Online Gaming (CNOG) and worth $745 million.
Texas gaming mogul Tilman Fertitta said June 29 that he plans to take the online gaming section of his privately-owned Golden Nugget Casinos public into a company that will be worth $745 million.
It is expected to be launched this fall through Landcadia Holdings II, a special purchase acquisition company. It will be the second publicly traded online gaming company to be launched in the U.S.
The company called Golden Nugget Online Gaming (CNOG) will be traded on the Nasdaq and will own the existing Golden Nugget online gaming in New Jersey and as it expands, in Michigan and Pennsylvania. Fertitta will remain chairman and CEO of CNOG.
Golden Nugget owns five properties in Las Vegas, New Jersey, Louisiana and Laughlin.
Golden Nugget launched its online gaming operations in New Jersey in 2013 and brought in more than $177 million in revenue last year. It plans to go live in Pennsylvania and Michigan early next year.
Golden Nugget Online Gaming becomes the second online gaming company to go public, following DraftKings, which issued its IPO in April and is now with in the neighborhood of $5 billlion.