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Golden Nugget Online Gaming, Inc.

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2021 10-K, filed Mar 15, 2022. Its latest SEC filing is a SC 13G/A from Feb 10, 2023.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Runs online casino and sports betting services for players, and provides gaming operators with market access and live-dealer games.

How Did They Make Money?

Players wager on online casino games and sports; GNOG's gaming revenue is the net difference between wins and losses when each bet settles. Gaming operators pay royalties for market access and live-dealer broadcasts over time; some market-access deals include an upfront fee.

FY2021 revenue

Who Were Their Customers?

Players use GNOG's online casino and sports-betting services; it also contracts with authorized gaming operators for market access and live-dealer studio use.

Did Revenues Turn Into Profits?

Yes. It kept 62 cents of every revenue dollar as net income in FY2021, but spent more cash than it brought in: free cash flow was −$64.3M.

Operating income, FY2021
−23% of revenue
▼ Now a loss vs FY2020 ($24.5M, 27%)
Net income, FY2021
62% of revenue
▲ +216% vs FY2020 ($25.2M, 28%)
Free cash flow, FY2021
−50% of revenue
▼ Now a loss vs FY2020 ($20.4M, 22%)

How Were They Changing?

Since the FY2021 annual report
  • May 5, 2022 GNOG completed its merger with DraftKings GNOG LLC entered a restated Golden Nugget trademark license, and GNOG warrants became exercisable for New DraftKings shares.

Grew. Revenue grew 3.0x in 3 years, from $42.9M in FY2018 to $128.2M in FY2021, about 44% a year.

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