For the three months ending March 31, 2021, Golden Nugget reported strong revenue hitting $26.7 million, which marks a 54.2% increase when compared to the same period last year. The company remains focused on expanding to more US states by the end of the year.
Golden Nugget Reports Strong Revenue Growth in Q1 2021
Leading US gaming operator, Golden Nugget released its financial results for the first three months of 2021 on Monday this week. The company indicated strong revenue growth for the first quarter that ended March 31, 2021. Golden Nugget’s revenue hit $26.7 million for the period. This represents an increase of 54.2%, from the $17.3 million in revenue recorded for the first quarter of 2020.
Furthermore, the operator revealed that its net income hit $69.6 million compared to the same period last year when it halted at $4.2 million. Adjusted EBITDA for Q1 2021 was $3.5 million, while for the same period last year it hit $5.9 million. Additionally, Golden Nugget revealed that all of its 10,541,667 public warrants were exercised or redeemed during Q1 2021.
The Company Continues US Expansion
Besides the financial results, Golden Nugget acknowledged its business achievements. The company said that it successfully completed its Q1 operations in Michigan. Furthermore, it secured a market access agreement with Maverick’s Z Casino in Colorado, which is subject to regulatory and legislative approval.
Additionally, Golden Nugget did not miss to mention that it secured a market access agreement with the Wild Rose Casino in Iowa. The agreement covers both casino and online sports however a legislative and regulatory approval is still pending. The company has also initiated a 1,800 square feet expansion for its live dealer studio in New Jersey.
2021 Is a Milestone Year for Golden Nugget
In a statement, Thomas Winter, president at Golden Nugget revealed that the company is very pleased with the start of this year. Furthermore, he acknowledged that the results of the first quarter are strong and complemented by expansion to new markets. Winter acknowledged that the company is well-positioned to capitalize a major part of the growing iGaming market across North America. In conclusion, he stressed that 2021 will be a milestone year for Golden Nugget since the company plans to be live in 6 US states by the end of the year, including 4 key iGaming states.
“We are very pleased to start 2021 with such strong results across both our established and new expansion markets.”Thomas Winter, president, Golden Nugget
Tilman Fertitta, CEO, and chairman at Golden Nugget also shared his excitement. In a statement, he said that the company has a very bright future. Furthermore, he acknowledged that Golden Nugget has achieved “another record quarter in revenue“. Last but not least, Fertitta said that with the newly announced partnerships in Iowa and Colorado, the company now has market access to 12 US states, representing approximately 29% of the population.