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Golden Nugget Online Gaming is set to enter the Illinois sports betting and iGaming market

Golden Nugget Online Gaming (GNOG) has signed a 20-year agreement with Danville Development, which will see the company enter the Illinois sports betting market. Additionally, if the law allows in the future, Golden Nugget will also offer Illinois players online casino gaming. As per the terms of the agreement, Danville Developers will construct a new Golden Nugget casino in Danville, Illinois, which will give the brand access to the Illinois sports betting market.

Wilmot Gaming Illinois, a subsidiary of land developers Wilmorite Management Group, based in New York, jointly owns Danville Development with GN Danville. Golden Nugget Danville is a subsidiary of Golden Nugget that is primarily operating in Illinois. The new casino will be built pending regulatory approval.

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The joint venture will see Golden Nugget Online Gaming provide a $30 million mezzanine loan towards the construction of the new building. Some of the net gaming revenue will also be paid, and minimum royalty payments will also apply.

James Wilmot, Wilmot Management Group Vice President, together with its partner, Tilman J. Fertitta, has stated how delighted they are at the news. Wilmot commented that it was fantastic that Golden Nugget Online Gaming would be available in Danville, which is 138 miles south of Chicago.

Wilmot also stressed that because the Golden Nugget brand is so well-known, it 'strengthens the submission' while upgrading 'the overall project.' He also wanted to pay tribute to the City Council and the Mayor of Danville, saying that 'this project would not be possible without their efforts.'

Thomas Winter, the President of GNOG, was ecstatic that the company would gain access to the market of the fifth most populous US state and the largest to have regulated mobile betting so far. Winter described the venture as a 'tremendous opportunity' to continue their US expansion and that they are looking forward to offering their award-winning online options to Illinois residents.

Joint Venture

Tilman Fertitta, Golden Nugget and Golden Nugget Online Gaming owner, explained that it is the first joint venture the brand has agreed to on a casino project. He said it was an honor to be chosen from a list of numerous bidders following a competitive tender process. He described the agreement as an 'incredible opportunity' to grow the Golden Nugget brand in the state.

The deal means Golden Nugget continues to expand its footprint across the country at pace. The company is also looking to expand into new states in 2021. They already have a presence in New Jersey and is waiting for approval for a license in Pennsylvania. Additionally, GNOG agreed to a partnership with the Keweenaw Bay Indian Community's Ojibwa Casino. This agreement was crucial in aiding Golden Nugget Online Gaming to enter the Michigan market.

Because the Coronavirus pandemic has gripped 2020, US gaming has had to move online. Golden Nugget has benefitted from this, as its revenue has surged as the year has progressed, culminating in $28.9 million gross revenue in the third quarter.

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Illinois sports betting has taken off since launch with promising figures being reported from the 5 operators in the state including BetRivers sportsbook and William Hill.

Follow us on Twitter @Gamble_usa to stay up to date on the latest legal casino and sports betting news across the US.

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Golden Nugget a top online casino operator in New Jersey it wants to prove that its dominance in the Garden State is not just a chance occurrence.

This Monday, GNOG – Golden Nugget Online Gaming Inc. – disclosed that it had put the West Virginia sports betting and online gambling market in the bag through a massive deal they penned with the Greenbrier Hotel Corporation. This firm runs the upscale resort that goes by the same name.

The deal is hinged on the fact that GNOG has to get the approval from the local regulatory bodies.
GNOG then has to pay Greenbrier a percentage of online betting revenue that hasn't been disclosed and it is based on minimum royalty payments that will spread over a specified term.

Both parties have also exchanged the customary clichés about how things were going south in their respective lives and how incomplete it was until their encounter.

Previously, Greenbrier just signed a related deal with the well-known FanDuel Group. This group just unveiled mobile sports betting some sometime back specifically in August last year. However, they are yet to back it up with their online casino product.

At present, West Virginia has just 2 online casino options which are the BetMGM and DraftKings. However, the former outfit operates through the online permit of Greenbrier.

The West Virginia deal inked by GNOG comes just a week after the firm was able to get an online gambling license in Illinois through another partnership they entered with Wilmot Gaming Illinois.

Both companies signed a joint venture that will see them build a state of the art Golden Nugget-branded casino that will be situated in Danville.

Also, GNOG will pay about $30 million upfront and will also pay Wilmot an agreed percentage of its net gambling profits – this is also subject to minimum payments – the moment they kick-start operations.

At the start of the year, GNOG got access to the online market of Michigan through a deal with the Indian Community Ojibwa Casino brand of Keweenaw Bay.

This was done with the aim of releasing both sports betting and online casino products immediately after state regulators give them the go-ahead.

GNOG has also concluded plans to enter the online casino market of Pennsylvania even though the timeline has not been disclosed yet.
In the meantime, the plan of GNOG to get listed on the NASDAQ exchange will also be discussed in a high priority meeting of the New Jersey Casino Control Commission that will be held on Wednesday 25th.

The plan consists of severing ties with the online operations of Golden Nugget Atlantic City's casino. They intend to make it a standalone body due to how successful it has been and it'll be bought by a SPAC (special purpose acquisition company) called Landcadia Holdings II Inc.

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Already, Landcadia has been listed on the NASDAQ as LCA but there are plans to change it to GNOG after the purchase of the online business of Nugget.

The Nugget's online casino is the undisputed market leader of New Jersey as they topped the monthly revenue reports of the state for several years, including for the month of October 2020. During that time, the Nugget earned a massive $28.1 million of the total $93.45 million in online casino proceeds.

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Source:https://calvinayre.com/2020/11/23/business/golden-nugget-online-casino-west-virginia-illinois-markets/