Golden Nugget revenue to double in first half of 2021
Golden Nugget continues its dynamic growth since Q1 2021
According to the company's financial results, land-based casino operator Golden Nugget almost doubled its annual revenue in the first half of 2021. Total revenue for the first half of the year reached $1.58 billion, up from $1.05 billion in the first half of 2020, an increase of 49.6%.
Revenue for the second quarter was $934.5 million, an increase of 224.4% compared to $288 million in the second quarter of 2020. The leading casino, restaurant and hospitality operator posted a net loss of $152.7 million in April-June 2020. to a net profit of $144.3 million for the second quarter of 2021. Net profit for the first half of 2021 rose to $158.5m from a net loss of $184.3m in the previous period.
Online casino growth also went up. According to our information, many so called udenlandske casinoer, foreign Danish online casinos made double profit in the first half of the year. This growth is due to the fact that many countries, including Denmark, are still subject to restrictions due to the pandemic.
Similarly, adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) changed from negative in 2020 to positive in 2021. It reached $283.7m in the second quarter of this year, compared to a loss of $26.1m in April. -June 2020. At the end of the first half of 2021 the figures stood at $418.7 million, compared to $47.5 million in the previous year. The operator in the US continues to gain 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 generate at least US$800 million in adjusted EBTIDA during the year. I look forward to completing the merger with Fast Acquisition Corp once regulatory approvals are received." - Tilman Fertitta, chairman and CEO of Golden Nugget
Fertitta Entertainment, Fast Acquisition Corp. Modify merger agreement
In February 2021, Fertitta Entertainment, Golden Nugget's parent company, and Fast Acquisition Corp announced a plan to merge. In June, the companies made an amendment to the original agreement under which Fertitta will contribute to certain operating businesses that were not originally included in the business combination with Fast, with no additional borrowings.
The companies include the Mastro brand, Aquariums, Pleasure Pier, Vic and Anthony's and several smaller restaurant concepts, adding a total of 42 business assets. In addition, Fast Acquisition Corp said it would acquire Catch Hospitality Group, a group of seven high-end restaurants operating under the Catchsteak and Catch brands. Fertitta already indirectly owns 50% of the company.
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