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Golden Nugget Online Gaming To Become Public

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Landcadia Holdings II, Inc. to Acquire Golden Nugget Online Gaming

Tilman J. Fertitta and Landcadia Holdings II,  Inc. announced today that Landcadia II has entered into a Purchase Agreement to acquire Golden Nugget Online Gaming, Inc. (“GNOG”), a US online real money casino owned by Tilman Fertitta, recognized by both its peers and customers alike as the industry leading online casino that brought Live Dealer to the US market place. Landcadia II is a publicly traded special purpose acquisition company co-sponsored by Fertitta Entertainment, Inc. and Jefferies Financial Group Inc.

GNOG will become only the second pure publicly traded online casino company in the US. The transaction is expected to close in the third quarter of this year.  Upon closing, Landcadia II intends to change its name to Golden Nugget Online Gaming, Inc. and its Nasdaq trading symbol to GNOG.

“GNOG is one of the best positioned companies to capitalize on this massive online gaming opportunity in the US,” said Rich Handler, Co-Chairman of Landcadia II and CEO of Jefferies LLC. “We at Jefferies couldn’t be more thrilled to partner with Tilman and bring this great opportunity to the public markets.”

Golden Nugget is a household name throughout the United States and its iGaming business is a well-established leader in New Jersey, the largest online gaming market in North America. GNOG has obtained market access, subject to regulatory approval, to Pennsylvania and Michigan and anticipates launching its online casino brand in each of those new markets in early 2021.

GNOG is known among its industry peers as the preeminent operator in the US online gaming market, having won the EGR North America Top Operator Award for three consecutive years. GNOG is known for its innovation, including initiating Live Dealer, Live Casino Floor gambling and a number of exclusive slot machine games to mobile devices, tablets and computers throughout New Jersey, as well as its top-notch 24/7 customer support.

Tilman J. Fertitta will remain GNOG’s Chairman and CEO, and Thomas Winter, who was brought in to develop Golden Nugget’s online gaming business, will continue to serve as GNOG’s President.  During the seven years since Thomas Winter started Golden Nugget’s iGaming business in New Jersey, revenues and profitability have grown each year despite facing competition with greater financial resources. According to Mr. Fertitta, “Golden Nugget is one of the most time-honored brands in the gaming business today. When customers hear the name Golden Nugget, they know they are dealing with a trusted online gaming business. Thomas and his team have done a remarkable job, are the best in the industry, and with this transaction, will have access to growth capital to allow for the rapid expansion of the business.”

GNOG Highlights

  • Started operation in New Jersey Q4 2013
  • Became profitable in 2016
  • First online gaming company to launch Live Dealer in the US
  • Won Industry award as top operator 3 years in a row
  • First to launch Live Casino Floor in US
  • Net Income of over $11 million in 2019

Key Transaction Terms

The transaction values the combined company at an anticipated pro forma enterprise value of approximately $745 million, or 6.1x GNOG’s estimated 2021 revenue of $122 million. The consideration payable to the parent entity of GNOG will consist of a combination of cash and rollover equity in Landcadia II.  Upon completion of the transaction, Tilman J. Fertitta, Chairman and CEO, will, through the parent entity of GNOG, hold a controlling economic interest (through an Up-C structure described below) and a controlling voting interest in the combined company.  The combined company will have a dual-class share structure with super voting rights for Mr. Fertitta.

Landcadia II will be assuming $150 million of GNOG debt of and will pay down at closing an additional $150 million of its debt, plus pay prepayment fees, transaction fees and expenses. Subject to redemptions, there is approximately $321 million currently held in Landcadia II’s trust account. Upon payment of the purchase price, debt repayment and transaction fees and expenses, the combined company will have at least $80 million on its consolidated balance sheet at closing and an anticipated pro forma equity market capitalization of nearly $700 million.

The transaction will be structured as an Up-C where an entity indirectly owned by Mr. Fertitta will retain common units of a partnership managed by the combined company and an equal number of non-economic voting shares in the combined company.  The combined company will also enter into a customary tax receivable arrangement with such entity indirectly owned by Mr. Fertitta, which will provide for the sharing of tax benefits relating to certain pre-combination tax attributes, as well as tax attributes generated by the transaction and any subsequent sales or exchanges by the entity indirectly owned by Mr. Fertitta of their equity interests, as those attributes are realized by the combined company.

The transaction has been unanimously approved by the Board of Directors of Landcadia II, upon the unanimous recommendation of a committee comprised solely of Landcadia II’s disinterested independent directors (the “Committee”).  The transaction will require the approval of a majority of the outstanding shares of Landcadia II, excluding shares beneficially owned by Tilman J. Fertitta and Jefferies Financial Group, and is subject to customary closing conditions, including certain regulatory approvals. Jefferies LLC is acting as exclusive financial and capital markets advisor to Landcadia II.  Haynes and Boone LLP is acting as legal advisor to GNOG. White & Case LLP is acting as legal advisor to Landcadia II. Houlihan Lokey, Inc. is serving as financial advisor to the Committee of Landcadia II.

 

SOURCE Landcadia Holdings II, Inc.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Golden Nugget Online Gaming To Become Public

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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DAOGroup launches industry’s fastest blockchain platform

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White label offering to provide no-deposit casino mechanics with real-time pay outs

 

DAOGroup, the iGaming cryptocurrency and blockchain solutions provider, has unveiled the industry’s fastest blockchain-based platform.

Boasting a transaction speed measuring as little as a second, DAO’s latest launch has been designed to revolutionise the industry’s mainstream acceptance of blockchain-based gaming.

Available as a white label solution, DAO’s use of blockchain enables operators to offer no-deposit gaming and real time pay outs in the industry’s first workable format.

Harnessing super-fast finality to determine a provably fair outcome almost instantaneously, DAO’s platform eliminates the need for players to deposit money ahead of playing – with winnings and losses extracted from the player’s digital wallet directly via the use of smart contracts.

In comparison, alternative blockchains such as Ethereum take more than 15 minutes to reach any level of probabilistic finality making real iGaming practically impossible.

With a surge in demand for crypto gaming in recent months, DAOGroup CCO Glen Bullen sees the platform’s launch as a kick-start towards player deposits becoming an outdated concept.

He added: “We’re dedicated to transforming the iGaming industry’s understanding and use of cryptocurrency and blockchain technology, with the launch of our platform coming at a pivotal time when that conversation is returning to the mainstream. 

“Crypto-based gaming has proved bullish in the last few months and we’re here to start bringing its benefits into the mainstream for operators. 

“As well as offering an entire ecosystem for the development and migration of blockchain-based games, we’re able to offer the industry’s fastest and most reliable platform with no-deposit mechanics and real-time pay outs.”

The company also unveiled DAOWallet in early 2020, delivering an advanced cryptocurrency-fiat gateway that enables operators to offer third-party cryptocurrency transactions without the need for additional AML and compliance procedures.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: DAOGroup launches industry’s fastest blockchain platform

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R. Franco Digital and GAMING1 partner for international expansion

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Established market leaders to join forces for global operations

R. Franco Digital, R. Franco Group’s digital division, has signed an agreement with leading gaming and sports betting partner GAMING1, in a move that further enhances both companies’ growing worldwide appeal and development.

The deal gives GAMING1’s customers access to R. Franco Digital’s extensive catalogue of hit games such as Time Lab, Fortune Jungle and Magic Jewels, as well as R Franco Digital’s range of EGR-shortlisted award products and services, including its IRIS platform.

Likewise, GAMING1’s catalogue of 120+ in-house games are to be incorporated into R Franco Digital’s Spanish operator brand, Wanabet.

One of the gaming industry’s largest operators, GAMING1 operates more than 20 online gaming brands with land-based partner operators in Spain, Portugal, France, Serbia, Peru and Colombia.

With shared operations set to start in Belgium, their strategic partnership will extend to Spain (with circus.es), as well as Colombia (with zamba.com), with Malta to also follow.

The partnership is to further expand R. Franco Digital’s footprint as it enhances its presence across global regulated markets – following recent deals signed with the likes of Dafabet, 1XBet and BetConstruct.

Javier Sacristan, Director of R Franco Digital, said: “Working alongside a company as well-established as GAMING1 is the perfect way to deliver our immersive range of games to a growing global client base.

“Both companies share a strong land-based heritage with a proven track record for bringing operators into the online domain. We look forward to pooling our years of experience together to deliver one of the industry’s most efficient betting operations.”

Sabri Tekaya, General Manager at GAMING1, said: “Spain’s legendary gaming company needs no introduction, and we’re delighted to be signing a deal that will broaden both company’s international reach.

“Starting with our home market of Belgium, we plan to scale our shared operations together across Spain, Colombia and Malta – and I am fully confident that this will be the start of a long and productive business relationship.”


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: R. Franco Digital and GAMING1 partner for international expansion

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Playson to launch slots portfolio with Sesame’s new online casino

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Casino software provider Playson has agreed a deal with Bulgarian gaming group Sesame to supply the company’s new online casino with its content.

With a 20-strong retail estate in locations across the country, the operator is strengthening its position in Bulgaria by launching a new online offering, with Playson’s range of games set to feature prominently.

An assortment of Playson’s hit games will go live with Sesame, including Pearl Beauty: Hold and Win, Solar Temple, Solar Queen, its Funky Fruits portfolio and Timeless Fruit Slots.

The operator’s offering will also be boosted by the addition of Playson’s integration-free engagement tools, which have been demonstrated to significantly increase player retention.

Blanka Homor, Sales Director at Playson, said: “Sesame is a well-respected operator in Bulgaria with highly promising commercial prospects, so we are delighted to have signed this agreement to launch our games with its new online casino.

“With an immersive range of in-game mechanics, inviting themes and engagement tools, our portfolio will undoubtedly be a hit with its players.”

Deyan Dimitrov, CEO of Sesame Online said: “Playson is earning a deserved reputation as one of the most dynamic slot providers on today’s market, so we are delighted to partner with the exciting games studio.

“The addition of engaging content such as Playson’s will help us attract new customers by offering fresh and exciting gaming experiences to an ever-expanding fanbase.”


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Playson to launch slots portfolio with Sesame’s new online casino

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