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Golden Nugget is making news again. Late Monday, the company announced that they have reached an agreement to partner with Boom Entertainment, a leading gaming technology provider.
As a result of the deal, Golden Nugget Online Co., which will be purchased by DraftKings, will have access to Boom’s casino game library as well as its robust remote game server. In addition, Golden Nugget will receive market access in Ohio and free-to-play and real money sports betting games via Boom. As part of the transaction, Golden Nugget will also become a minority investor in Boom, which is poised to launch real-money casino games for casino operators for the first time in the coming months.
The companies also revealed that Boom, which boasts that more than three million customers have played their games in the last two years, will develop a new suite of casino and sports-themed games that will be available exclusively from Golden Nugget Online.
With their deal with Boom, the recent announcement of their acquisition by DraftKings, and the optimistic financials the company has posted thus far in 2021, Golden Nugget is continuing to be a prominent brand in the gaming industry.
Golden Nugget Releases Revenue Report For First Half of 2021
It’s been quite a year for Golden Nugget Online Gaming Co., and it’s still not Labor Day yet. The company has seen mergers and acquisitions, partnerships, and industry shakeups all around them. They announced earlier in August that DraftKings will purchase Golden Nugget Online in early 2022, (more on that below).
Golden Nugget announced on Monday that for the 2021 Second Quarter, revenue was $31.7 million, up from $27.7 million for the same period in 2020. This lifts Golden Nugget’s YTD revenue to $58 million, which is an increase of 38.6% over the previous year.
The revenue increases signal a healthy rebound from the pandemic-impacted 2020 year for Golden Nugget, who also made news by inking market access partnership agreements in Ohio and Arizona. This came on the heels of deals for Golden Nugget to enter into Virginia in March, and an arrangement with Barstool to seek access to New York in February. The company now has gaming interests in 14 states.
What DraftKings’ Purchase Of Golden Nugget Means
Earlier this month, DraftKings announced its intention to purchase Golden Nugget Online Gaming Co. for $1.56 billion in an all-stock acquisition, in a transaction that will reshape the gaming industry.
For DraftKings, a company that has the largest share of the daily fantasy sports market, acquiring Golden Nugget will immediately increase their presence in the casino gaming space. With DraftKings and rival FanDuel splitting roughly 90 percent of the DFS market, the former clearly has their sights set on chipping away at the expanding casino gaming industry.
With Golden Nugget Online Gaming in their portfolio, DraftKings can pressure its competitors in the DFS space by siphoning off users who prefer to stick with one app for both their DFS and casino gaming. They also gain a foothold to take on casino gaming operators and possibly expand further into the retail casino and resort business in the future.
