Gambling in the USA
Golden Nugget Online Gaming To Become Public
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.
Conference Call and Presentation Information
Investors may listen to and view a pre-recorded presentation regarding the proposed transaction at https://dealroadshow.com/e/GNOG. The audio portion of the presentation may be accessed by dialing (855) 699-8821 and entering in the access code “346466”. On the call, the presenters will be reviewing an investor presentation, which will be filed with the SEC as an exhibit to a Current Report on Form 8-K prior to the call, and available on the SEC website at www.sec.gov.
About GNOG
Golden Nugget Online Gaming, Inc. is a leading online casino gaming company that is indirectly wholly owned by Tilman J. Fertitta. It is considered the market leader by its peers and was first to bring Live Dealer and Live Casino Floor to the United States online gaming market.
About Landcadia Holdings II, Inc.
Landcadia Holdings II, Inc. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses that is co-sponsored by Fertitta Entertainment, Inc. and Jefferies Financial Group Inc.
SOURCE Landcadia Holdings II, Inc.
Gambling in the USA
Industry veteran joins North American operator as chief interactive gaming officer to drive growth in iCasino states and efficiencies in its online sportsbook
Delaware North, a global hospitality and entertainment company with a significant gaming division, has named industry veteran Lee Terfloth as chief interactive gaming officer as it pushes ahead with ambitious plans for its digital offering.
Terfloth has an impeccable track record across some of the biggest land-based and online gaming operators in North America, including Borgata, Resorts Digital, Hard Rock and, most recently, Prime Sports, where he was chief executive officer.
As chief interactive gaming officer at Delaware North, Terfloth will be responsible for two core objectives: Expanding the operator’s Betly mobile sportsbook and casino brand into additional iGaming states while also reviewing its sportsbook business to improve operational efficiency.
The appointment of Terfloth comes hot on the heels of news that Delaware North has chosen to migrate to Playtech’s powerful online sportsbook and casino platform in the states of Ohio, Arkansas, Tennessee and West Virginia.
Jason Gregorec, president of Delaware North’s gaming division, said:
“Lee Terfloth is a high-caliber senior iGaming executive who has played a key role in launching and growing interactive gaming divisions at some of the most established and renowned gambling operators in North America.
“We are delighted to be able to leverage this experience and knowledge as we ramp up our own online gaming division via our Betly brand, which has already gained traction in key online sports betting and iGaming states such as Ohio, Arkansas, Tennessee and West Virginia.
“I’d like to officially welcome Lee to the team and look forward to working with him as we deploy our ambitious plans for online gaming across regulated U.S. states,” Gregorec said.
Lee Terfloth, chief interactive gaming officer at Delaware North, added: “I’m thrilled to join Delaware North at a pivotal time for the business as it shifts up a gear with its activity in the online gaming space.
“Betly is an incredibly strong brand and now that we are migrating to the Playtech platform, we have the technological foundation to really level up our activity in terms of markets and the quality of the experience we offer to players.
“I have plenty of experience working with operators at this stage in their lifecycle and look forward to working with the incredible team we have in place to not only meet but exceed the goals the business has set for its interactive division,” Terfloth said.
Gambling in the USA
Mr. Gamble Expands Across the US: CMO Paul Puolakka Reflects on the Growth into Pennsylvania and West Virginia
Expanding Mr. Gamble’s footprint into Pennsylvania and West Virginia is a significant milestone for us. This is not just about entering new markets – it is about strengthening our position in the dynamic US iGaming sector.
By securing licences in these crucial states, we are readily available to deliver tailor-made experiences that align with the preferences of locals within these US states, thus enhancing our competitive advantage.
As the Chief Marketing Officer, I have played a key role in his expansion. My deep understanding of market trends and expertise in affiliate marketing has been vital in navigating these new territories. My focus has been on ensuring that our entry into these US states is not only successful but sustainable in the long term.
As we venture into these new states and new markets, I am more than confident that Mr. Gamble is going to be a loyal companion and guide for many players looking to take that first step towards casino gambling.
The Strategic Vision Behind Mr. Gamble’s US Expansion
Expanding into Pennsylvania, and West Virginia is a strategic move that aligns perfectly with Mr. Gamble’s growth plans. These states have been specifically chosen for their thriving and expanding markets, clear regulatory frameworks, and strong player engagements.
West Virginia has shown a growing interest in online gambling, making it a tempting choice for expansion.
Our success in New Jersey was a prime factor in this decision. The positive feedback and solid performance of our site have validated our approach and showcased the potential for growth in other states. This experience has given us a good confidence boost as we venture into these new markets. We are confident that our offerings as well as adherence to regulatory standards will resonate with our readers.
For Mr. Gamble, entering West Virginia is a natural progression. These new states provide markets with strong regulations that give priority to player safety. Given our achievement in New Jersey, I am optimistic that our site will connect with players in these states just as effectively.
Positive Response from Our Readers
The feedback we have received since expanding into the US has been exceptionally gratifying. Both our operator partners and readers have shown great enthusiasm for what Mr. Gamble has to offer. Our dedication to transparent high-quality content and user-centric experience has clearly struck a chord with the US audience.
From my point, the feedback has been overwhelmingly positive. Readers have praised our honest reviews and transparent information, highlighting their satisfaction with the reliability of our content. The feedback mirrors our commitment to building trust and delivering good value to our readers.
Our casino operator partners have also expressed their appreciation for our marketing approach. They have noted that our effective marketing strategies and transparent methods have contributed significantly to their positive experiences.
One partner remarked, ‘Mr. Gamble’s clear, straightforward approach and dedication to high-quality content and exclusive bonus offers have made our collaboration both smooth and rewarding.’
What Players in Pennsylvania and West Virginia Can Expect
Players in Pennsylvania and West Virginia are in for a treat with Mr. Gamble’s arrival. Players can enjoy reading comprehensive reviews of licensed and regulated casino sites, get their hands on exclusive casino bonuses and enjoy a wide range of games by the world’s leading game developers. Whether you are accessing our site from your laptop or mobile device, we have optimised the experience so you can navigate the site without any issues.
We are also rolling out state-specific casino bonuses. Expect generous welcome casino bonus offers, free spins, no deposit bonuses and match deposit offers designed to boost your bankroll. We regularly update our page so you always have access to the latest casino promotions.
Mr. Gamble’s website features a user-friendly design with handy filtering options, making it easy to find exactly what you are looking for. The site has been created with different player needs in mind, ensuring a smooth and enjoyable experience as you explore the best casinos and bonuses available in your state.
Promoting Responsible Gambling: Play Smart with Mr. Gamble
At Mr. Gamble, our dedication to responsible gambling is unwavering. We strive to ensure that our readers enjoy a secure and enjoyable experience by featuring only licensed casinos that follow regulatory standards religiously.
Responsible gambling is a fundamental principle for us as we enter the US market. We are committed to equipping readers with the necessary tools and resources they may require to gamble responsibly. Every casino we promote meets the highest standards for fairness, security and player protection.
Our team’s effort has been key to our successful expansion into these new states. From content to development and marketing, every department has worked tirelessly to achieve our goals. Their hard work is the driving force behind our progress and I am incredibly proud of this monumental achievement.
The potential in the US market is enormous and the positive feedback we have received is only the tip of the iceberg. As we continue to grow, I am excited about what the future holds and that the presence of our site in these states will only strengthen, setting the stage for further expansion in the years to come.
Mr. Gamble: Gamblers’ One Stop Shop
Mr. Gamble stands at the very front of iGaming affiliating, offering in-depth and frank casino reviews as well as expert insights for gamblers. With a strong presence across multiple regulated markets, we are dedicated to delivering reliable information while promoting responsible gambling practices.
Since launching, Mr. Gamble has gained recognition and scooped up awards for its commitment to transparency and fairness. We pride ourselves on providing unbiased reviews of online casinos, slot and casino games and clear terms for casino bonuses and promotions.
Our main goal and mission is to equip players with all the necessary information to help them make informed choices, thus ensuring a safe and enjoyable gaming experience.
Gambling in the USA
Snoqualmie Casino Announces Exciting Rebranding to Snoqualmie Casino & Hotel Ahead of Major Expansion
Snoqualmie Casino has announced its rebranding to Snoqualmie Casino & Hotel, reflecting an exciting new chapter in the venue’s history as it embarks on a much-anticipated expansion. Set for completion in mid-2025, this project promises to elevate the guest experience, making Snoqualmie Casino & Hotel a premier destination for entertainment, relaxation, and culinary excellence.
The cornerstone of the expansion is the construction of a luxurious hotel, which will offer guests unparalleled comfort and stunning views of the Snoqualmie Valley and Mount Si. With a focus on sustainability and modern design, the hotel will feature upscale accommodations, a full-service destination spa, and amenities that cater to both leisure and business travelers. Plus, there are architectural details inspired by Snoqualmie culture from a modern slant roof hotel design representing the original longhouses of the Snoqualmie Tribe’s ancestors to carefully chosen artwork placed throughout for guests to enjoy.
Snoqualmie Casino & Hotel’s destination spa will offer an immersive escape that blends relaxation with the healing power of nature. Nestled in the serene landscapes of the Pacific Northwest, the spa provides a range of rejuvenating treatments. Experience the perfect blend of wellness and nature where luxury, tradition and innovation come together for an incredibly transformative experience.
“It is my honor and privilege to announce that Snoqualmie Casino has now become Snoqualmie Casino and Hotel. Over the past three years, the Snoqualmie Tribe and Casino have been diligently working to bring a one-of-a-kind, world-class hotel to the Snoqualmie Valley,” said Interim CEO Mary Lou Patterson.
In addition, Snoqualmie Casino & Hotel will expand its gaming floor, introducing an array of new options to enhance the entertainment experience for guests. This expansion will include the latest slots, electronic and traditional table games, as well as a dedicated high-limit gaming area for discerning players seeking a more exclusive gaming experience.
One of the highlights of the expansion is the development of a state-of-the-art 2000-seat entertainment and convention center. This versatile venue will host a variety of events, from concerts to conferences, positioning Snoqualmie Casino & Hotel as a key player in the region’s entertainment landscape. With cutting-edge technology and a focus on guest comfort, the center will attract top-tier talent and events, making it a must-visit destination.
In addition to the award-winning Vista Prime Steaks & Seafood, 12 Moons, and Falls Buffet, a new sports bar and grill will be introduced to provide patrons with the ultimate game day experience. Other new dining options, set to open later, will showcase local ingredients and flavors, ensuring a memorable culinary experience for guests.
Snoqualmie Casino & Hotel recently launched a brand-new valet garage. The dual level indoor and outdoor structure, with 600 additional spaces, doubles the previous capacity for valet parking creating easier access into the casino. This is the first piece of new development at Snoqualmie Casino & Hotel that has opened for immediate use. The entire project anticipates creating numerous job opportunities for local residents, contributing to the economic growth of the Snoqualmie area.
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