- Legal States
Martina Tsvetkova August 27, 2021 2 min read
Golden Nugget Doubles Revenue in First Half of 2021
Golden Nugget’s revenue for the first half of 2021 is up 49.6% to $1.577bn, compared to $1.054bn during the first half of 2020.
Golden Nugget Continues Momentum From 1Q2021
Land-based casino operator Golden Nugget has experienced an almost double annual increase in its revenue in H1 2021, according to the company’s financial results. Total revenue for the first half of the year reached $1.58bn, compared to $1.05bn in H1 2020, which corresponds to a 49.6% growth.
Revenue for the second quarter stood at $934.5m, corresponding to a 224.4% rise, compared to $288m during the second quarter of 2020. The leading casino, restaurant, and hospitality operator went from a net loss of $152.7m in April-June 2020 to net income of $144.3m for the second quarter of 2021. Net income for the first half of 2021 surged to $158.5m from a net loss of $184.3m during the prior-year period.
Similarly, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) went from the negative side in 2020 to positive figures in 2021. During the second quarter of this year, it reached $283.7m, compared to a loss of $26.1m in April-June 2020. For the first half of 2021, figures corresponded to $418.7m, while in the prior-year period they were $47.5m. The US operator is continuing its momentum from the first quarter of 2021.
We continue to perform at a very high level and are very pleased with the second-quarter results. We expect to deliver at least $800.0 million adjusted EBTIDA for the year. I look forward to completing the merger with Fast Acquisition Corp following receipt of regulatory approvals.”Tilman Fertitta, chairman, and executive officer, Golden Nugget
Fertitta Entertainment, Fast Acquisition Corp Amend Merger Agreement
In February 2021, Fertitta Entertainment, the parent company of Golden Nugget, and Fast Acquisition Corp announced a merger plan. In June, the companies introduced an amendment to the original agreement, under which Fertitta would contribute certain operating businesses not originally included as part of the business combination with Fast for no additional debt.
The businesses include Mastro’s brand, the Aquariums, the Pleasure Pier, Vic and Anthony’s and a few smaller restaurant concepts, adding a total of 42 business assets. In addition, the Fast Acquisition Corp said it will acquire Catch Hospitality Group, a group of seven high-end restaurants operating under the brand names Catchsteak and Catch. Fertitta already owns 50% of the operation indirectly.