In the state of New Jersey, online gambling is booming. Players have access to casino gaming, poker and sports betting. Over the past few months, the sector has seen continual growth. For years now, the top operator in the industry has been the Golden Nugget. As the industry grows, the Golden Nugget just continues to extend its lead. Just this week, the company announced its third quarter financial results and they are seeing growth, even during the COVID-19 pandemic.
From a press release by the company, the data period ending on September 30 showed gross gaming revenues are up 93% from last year. Revenues came in at $28.9 million. Net revenues were up 92% from last year, with $25.9 million earned. Operating income was up 92% with just over $8 million earned.
These results are only from New Jersey. If the brand is able to expand into other states to offer online gambling, it will continue to see an increase in earnings. It’s crazy to think how much larger the brand can become if and when services are extended to other states.
In New Jersey, the Golden Nugget AC is the leader of the online gaming market. September results were released earlier this month, showing the brand came in first with $26 million in earnings. The owner of the Golden Nugget Online Gaming group, Tilman J. Fertitta, commented on the last report, stating that the company is pleased with another quarter of popular growth.
The business model of the company is pandemic-proof and it shows the resilience in the state and the company looks forward to expanding operations in Michigan in the future.
President of the company, Thomas Winter, said that the third quarter showed the company’s momentum in New Jersey. Record revenues were reported along with player activity reaching an all-time high. The brand offered 64 new casino games during the quarter, 20 of which are exclusive to the brand.
Winter projects that the Golden Nugget will be able to generate over $100 million in Gross Gaming Revenue from New Jersey. This is of course, based on the October revenues coming in.
Moving into Michigan
As other states start to legalize online gambling, it will make it even easier for the Golden Nugget to expand. The company has plans to launch in Michigan and the state’s online gambling market will get started hopefully before the year comes to an end.
The Golden Nugget already has a good model when it comes to online gambling service, so they should be able to jump right in and offer quality services to players. It will be interesting to see if the brand becomes the top operator in Michigan or if perhaps New Jersey is its sweet spot. This remains to be seen as the operator has only offer iGaming services in the Garden State.
If they do see continued success, other companies might want to take note and act in a similar fashion to start taking the online gambling industry by storm, because the Golden Nugget knows what they are doing!