It has been announced that Golden Nugget Online Gaming, the online and mobile casino operator, has almost doubled its third quarter revenue and operating income compared with the same period last year.
The net revenue, gross gaming revenue and operating income have all almost doubled compared to 2019 despite challenging and unprecedented times brought about by the recent and ongoing Covid-19 pandemic.
The figures reported by the firm for the period of July 2020 through September 2020 include:
Gross Gaming Revenues of $28.9 million, compared to $14.9 million during the same period in 2019, an increase of 93%,
Net Revenue of $25.9 million compared to $13.5 million during the same period in 2019, an increase of 92%, and
Operating Income of $8.2 million versus $4.2 in the third quarter of 2019, an increase of 92%.
The company has stated that they are very pleased with the recent figures that show profitable growth and resllience to the recent Coronavirus pandemic, particularly in the state of New Jersey, United States.
Tilman J Fertitta of Golden Nugget Online Gaming shared comments on the report:
“We are very pleased with yet another quarter of profitable growth. Our pandemic-proof business model keeps showing its resilience in New Jersey and we look forward to expanding operations in Michigan.”
Golden Nugget Online Gaming is currently looking forward to expanding its operations in the state of Michigan and outlined that the latest financial results show record revenues, high player activity and sustained marketing investments that have contributed to the momentum in The Garden State.
In addition to expansion plans in The Great Lake State, the gambling operator is currently looking to launch a brand new mobile sports betting and casino application in the state, which could see the product launched before the year is out pending regulatory approval.
High Player Activity
Golden Nugget Online Gaming President Thomas Winter also spoke out about the figures and what it means for the firm:
“Our third quarter confirmed and amplified our momentum in New Jersey, with record revenues supported by all-time-high player activity, sustained marketing investments and 64 new casino games, 20 of which we launched on an exclusive basis.
Based on our October revenues, we believe that we could generate over $100 million of Gross Gaming Revenue in New Jersey this year.”
Furthermore, as activity continues to thrive within the gaming sector, Golden Nugget Online Gaming is looking to also further expand its operations across the United States.