Landcadia Holdings II Completes GNOG Acquisition

After approval from the majority of its stakeholders, Landcadia Holdings II has completed the acquisition of Golden Nugget Online Gaming.

Landcadia changed its name to Golden Nugget Online Gaming, Inc. following the completion of the company combination. The company’s Class A common stock will start trading under the ticker symbol “GNOG” on the Nasdaq Stock Exchange as of December 30.

During the fourth quarter of 2013, GNOG started operations in New Jersey, and is hailed as the first online gaming company to open a live dealer in the US. It posted net sales in 2019 of more than $11 million after being profitable four years ago.

Tilman J. Feritta, who will continue to serve as the company’s CEO and chairman of the board, commented on the combination: “I am pleased to see the business combination finally close. We see tremendous opportunity in the online gaming space and are excited to be a part of it.”

In addition, Thomas Winter will remain as president and will continue in their respective positions with the rest of the Golden Nugget Online Gaming team.

Jefferies LLC has acted as Landcadia’s sole financial, capital markets advisor and placement agent. White & Case LLP acted as Landcadia’s legal counsel, and Golden Nugget Online Gaming served as legal counsel for Haynes and Boone LLP.

At a projected pro forma enterprise value of approximately $745 million, or 6.1x GNOG’s anticipated 2021 revenue of $122 million, the deal values the merged business.

Landcadia Holdings II was founded by Fertitta and Jefferies and took it public last year, raising $316m for an acquisition. Plans were made public in June to combine it with Fertitta’s online gaming and digital sports entertainment business.