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Written by Ed Canty, CFP® on December 29, 2020
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GNOG Stock IPO: Golden Nugget Online Gaming Reverse Merger Lancadia Holdings (LCA)

We have seen plenty of IPOs over the course of 2020. In June 2020, Lancadia Holdings II (LCA) announced a merger with Golden Nugget Online Gaming (GNOG) to potentially occur in the later end of the year.

Lancadia Holdings II (LCA) is a special purpose acquisition company (SPAC) with intentions of reverse-merging with online gaming and casino company Golden Nugget.
Update 12/29/20: Lancadia Holdings II (LCA) shareholders voted unanimously to approve the reverse merger with Golden Nugget Online Gaming. The company will trade under the ticker GNOG on 12/30/20.

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GNOG Stock IPO Summary

  • Golden Nugget is a 7 year old company being taken public by Lancadia Holdings II a Special Purpose Acquisition Company
  • In June 2020, the reverse merger was announced between Lancadia Holdings II and Golden Nugget Online Gaming. The deal is expected in the later half of 2020.
  • When the deal is finalized, LCA will change its ticker to GNOG and will become Golden Nugget Online Gaming
  • Lancadia Holdings II raised $316 million prior to the deal, valuing the company at approximately $745 million.
  • There will be a shareholder vote on December 18th, 2020 for approval of the reverse merger.

(GNOG) Golden Nugget Online Gaming - Additional Info

  • As more states legalize online gambling, Golden Nugget is in a position to capitalize on new legislation.
  • Companies in the same industry such as DraftKings (DKNG) and Penn National Gaming (PENN) have both seen large upticks this year as investors move into these positions to gain exposure to the changing industry.
  • DraftKings (DKNG) was also brought to the public markets by a Special Purpose Acquisition Company (SPAC) earlier in 2020 via Diamond Eagle Acquisition Corp.
  • Golden Nugget (GNOG) has its main focus on online gaming rather than sports betting, but offers both forms of online betting.
  • Lancadia Holdings II (LCA) is a SPAC created by Tilman Fertita, a hotel and casino mogul, to take Golden Nugget Online Gaming public.
  • According to Grand View Research the online gambling market is expected to be worth $127.3 billion by 2027.

GNOG IPO - Golden Nugget Online Gaming Financials

Check out the most recent financial data at Marketwatch: LCA / GNOG Financials 
  • Expected 2021 revenue: $122 million
3rd Quarter 2020 New Jersey Operations: Golden Nugget Online Gaming 
  • Gross Revenue from gaming $28.9 million
  • Net Revenue of $25.9 million
  • Operating Income $8.2 million

Lancadia Holdings II (LCA) Stock to Change Tickers to Golden Nugget Online Gaming (GNOG)

The reverse merger between Lancadia Holdings II and Golden Nugget Online Gaming (GNOG) was announced in June 2020. As of the date of publication of this article, the merger date has yet to be announced. Other publications have expected an update on the merger in the 4th quarter of 2020.

If everything is approved for the reverse merger then the ticker LCA should change to GNOG. Anyone who is holding the stock LCA will automatically receive shares of GNOG in exchange.

GNOG IPO Summary

Golden Nugget Online Gaming (GNOG) is making strides to go public via a blank check company SPAC (LCA) Lancadia Holdings II. SPACs are not a new vehicle, but have been increasingly popular in 2020 as more companies look for ways to access public markets.

The recent trend in online gaming has been relatively significant. Looking at Penn National Gaming (PENN) and DraftKings (DKNG) as prime benchmarks for how the investment community is pricing these newfound business models. With more States legalizing online gambling, there seems to be more momentum for the online gaming sector in general.

Update 12/29/20: Lancadia Holdings II (LCA) shareholders voted unanimously to approve the reverse merger with Golden Nugget Online Gaming. The company will trade under the ticker GNOG on 12/30/20.

Article written by Ed Canty, CFP®
Ed is a CERTIFIED FINANCIAL PLANNER™. At his day job, Ed helps clients plan for retirement, manage their investments, and navigate their tax situation. In his free time, Ed enjoys golfing, traveling, fishing, and wrenching on his old car.

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