The special purpose acquisition company Landcadia Holdings II completed its acquisition of Golden Nugget Online Gaming last week.
Last week, Golden Nugget Online Gaming (GNOG), the online gambling arm of Golden Nugget, went public on the Nasdaq exchange after the special purpose acquisition company (SPAC) Landcadia Holdings II completed its acquisition of the business.
The SPAC completed its acquisition of GNOG on 30 December 2020, just in time for the new year.
Landcadia completes acquisition
Upon completion of the acquisition, Landcadia changed its name to Golden Nugget Online Gaming, Inc and the company’s shares of Class A common stock began trading on the Nasdaq exchange under the ticker symbol “GNOG” on December 30, 2020.
Tilman J. Fertitta, co-founder of Lancadia and owner and CEO of the Landry’s restaurant chain and business that owns Golden Nugget, will serve as chief executive of the new business entity.
Thomas Winter who has overseen the online gambling business since September 2013 will serve as the new entity’s president and all current staff will remain in their existing roles.
Speaking on the completion of the acquisition, Fertitta said: “I am pleased to see the business combination finally close. We see tremendous opportunity in the online gaming space and are excited to be a part of it.”
The investment bank Jeffries LLC, which partnered with Fertitta to form Landcadia, served as the sole financial, capital markets advisor and placement agent for the deal, while White & Case served as legal counsel.
The combination of the two businesses was initially announced in June 2020 and valued the combined entity at approximately $745m.
GNOG to expand US footprint
Currently, the business is only active in the state of New Jersey, but it is preparing for significant expansion in 2021.
GNOG has secured market access for online betting and casino gambling in Pennsylvania, Michigan and West Virginia.
On top of this, the online business has inked a 20-year market access agreement with a Golden Nugget venue currently being constructed which will provide the operator with access to the Illinois market.