Interactive
US – Improved market share in Michigan drives Golden Nugget’s quarter
By Phil - 19 August 2021
Golden Nugget Online generated revenue for the second quarter of $31.7m, representing an increase of 27.7 per cent, compared to $24.8m during the second quarter of 2020. Revenue for the first half of 2021 increased 38.6 per cent to $58.4m compared to $42.2m during the first half of 2020.
Net loss for the second quarter was $1.6m, compared to net income of $0.1m in the prior year period. Net income for the first half of 2021 was $68.1m, compared to net income of $4.3m during the prior year period.
Adjusted EBITDA for the second quarter was $3.8m compared to adjusted EBITDA of $8.5m for the second quarter of 2020. For the first half of the year, adjusted EBITDA was $7.4m compared to adjusted EBITDA of $14.4 million for the first half of 2020. The decline in adjusted EBITDA compared to the prior year is primarily attributable to growth investments in new markets such as Michigan.
Active First Time Depositors (AFTD) for the second quarter grew 110 per cent compared to the second quarter of 2020 while 12-Month Active Depositors grew 108%. For the first half of the year, AFTD grew 313% compared to the first half of 2020.
Chairman and Chief Executive Officer, Tilman Fertitta said: “We are proud to have achieved another solid quarter driven by the strength of our new customer growth both in our established and newer markets. Golden Nugget Online Gaming continues to successfully execute on our national expansion, while concurrently strengthening our capabilities and product offerings with key partnerships. In Michigan, we grew market share and are very pleased with the trajectory of growth in the early quarters of our operations. We expect similar trajectories for our planned launches in Virginia, West Virginia and Pennsylvania later this year. In addition, our partnership with Boom Entertainment will only strengthen our award-winning content offerings. We are increasingly encouraged by our results and look forward to executing on the significant and growing market opportunity available to us.”
President, Thomas Winter added: “GNOG continues to show strong growth with our results in the first half of this year. In Michigan, we more than tripled our market share since launch which validates our steady, ROI-focused growth investments. In the second quarter we grew gross gaming revenue, or GGR, 99 per cent over the first quarter while the rest of the market only grew 35 per cent. In July, the positive trend continued with GGR over $5.3 million, a 32% increase over the monthly average in the second quarter, making GNOG the fifth largest iGaming operator in the state, with a market share of 5.7%. In New Jersey, where market revenues had been boosted by the pandemic last year, we were still able to grow net revenues by 8.9% in the first six months of 2021 compared to the prior year period.”
Mr. Winter added: “Our latest agreements highlight yet another big step in executing on our market expansion plans by adding the states of Ohio and Arizona to our list of potential future markets and we look forward to launching online casino and sports when legislation and regulations permit. GNOG’s focus on innovation and exclusive games is also on full display with our partnership with Boom Entertainment. Our players can look forward to continued innovation from our best in-class online casino.”
