The digital gambling division of the casino chain, poised for an initial public offering, Golden Nugget Online Gaming (GNOG), has declared that its earnings nearly doubled in the second quarter of 2020 compared to the same period in the previous year.
The company’s income for the three months ending June 30th surged by 84.3% to $28.2 million. After accounting for expenses, net earnings for the quarter climbed by 78.4% to $24.8 million.
Thomas Winter, senior vice president and general manager of GNOG, stated that the company’s performance exceeded its objectives for the period, driven by record player engagement and average revenue per user.
Winter added: “Our online gaming has remained robust in July and August, and we anticipate revenue and operating profit in New Jersey will surpass our projections for the year.”
Although the company did not disclose a comprehensive income statement, it did highlight that operating profit for the period also climbed by 73.5% to $8.5 million.
“We are pleased with the sustained strong revenue growth in New Jersey and our consistent profitability.” Tilman J.
Fertitta, the single owner of GNOG and chief executive of its parent organization Landry’s, Inc., stated this.
Check out the complete report on the iGB North America website.
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