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Golden Nugget Online Gaming Quarterly Report

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Golden Nugget Online Gaming Quarterly Report GOLDEN NUGGET ONLINE GAMING QUARTERLY REPORT FOR THE QUARTER ENDED MARCH 31, 2021 \+ SUBMITTED TO THE DIVISION OF GAMING ENFORCEMENT OF THE STATE OF NEW JERSEY OFFICE OF FINANCIAL INVESTIGATIONS REPORTING MANUAL GOLDEN NUGGET ONLINE GAMING BALANCE SHEETS AS OF MARCH 31, 2021 AND 2020 (UNAUDITED) ($ IN THOUSANDS) Line Description Notes 2021 2020 (a) (b) (c) (d) ASSETS: Current Assets: 1 Cash and Cash Equivalents.................................................. $58,843 $28,824 2 Short-Term Investments....................................................... 0 Receivables and Patrons' Checks (Net of Allowance for 3 Doubtful Accounts - 2021, $0; 2020, $0)........................... 8,845 5,650 4 Inventories ........................................................................... 0 5 Other Current Assets............................................................ 363 178 6 Total Current Assets........................................................ 68,051 34,652 7 Investments, Advances, and Receivables................................ 0 0 8 Property and Equipment - Gross............................................. 1,162 1,098 9 Less: Accumulated Depreciation and Amortization........... (590) (408) 10 Property and Equipment - Net.........................................…… 572 690 11 Other Assets............................................................................ 4 354 12 Total Assets............................................................................. $68,627 $35,696 LIABILITIES AND EQUITY: Current Liabilities: 13 Accounts Payable................................................................. $6,226 $4,525 14 Notes Payable....................................................................... 0 50 Current Portion of Long-Term Debt: 15 Due to Affiliates................................................................ 0 0 16 External............................................................................. 0 0 17 Income Taxes Payable and Accrued.................................... 0 0 18 Other Accrued Expenses...................................................... 20,036 11,215 19 Other Current Liabilities...................................................... 48,197 22,410 20 Total Current Liabilities.................................................... 74,459 38,200 Long-Term Debt: 21 Due to Affiliates................................................................... 4,746 0 22 External................................................................................ 0 0 23 Deferred Credits ..................................................................... 0 0 24 Other Liabilities...................................................................... 5,163 4,059 25 Commitments and Contingencies…………………………… 0 0 26 Total Liabilities....................................................................... 84,368 42,259 27 Stockholders', Partners', or Proprietor's Equity...................... (15,741) (6,563) 28 Total Liabilities and Equity..................................................... $68,627 $35,696 The accompanying notes are an integral part of the financial statements. Valid comparisons cannot be made without using information contained in the notes. 12/11 DGE-205 GOLDEN NUGGET ONLINE GAMING STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020 (UNAUDITED) ($ IN THOUSANDS) Line Description Notes 2021 2020 (a) (b) (c) (d) Revenue: 1 Casino..................................................................................... $19,294 $14,905 2 Rooms..................................................................................... 0 3 Food and Beverage................................................................. 0 4 Other....................................................................................... 3,683 2,438 5 Net Revenue......................................................................... 22,977 17,343 Costs and Expenses: 6 Casino..................................................................................... 6,146 6,405 7 Rooms, Food and Beverage.................................................... 0 8 General, Administrative and Other......................................... 8,924 4,545 9 Total Costs and Expenses.................................................... 15,070 10,950 10 Gross Operating Profit............................................................... 7,907 6,393 11 Depreciation and Amortization.............................................. 44 34 Charges from Affiliates Other than Interest: 12 Management Fees................................................................ 0 13 Other......................................................................………… 443 14 Income (Loss) from Operations................................................. 7,420 6,359 Other Income (Expenses): 15 Interest Expense - Affiliates................................................... 0 16 Interest Expense - External..................................................... 0 (1) 17 CRDA Related Income (Expense) - Net................................. (650) (468) 18 Nonoperating Income (Expense) - Net................................... 19 Total Other Income (Expenses)........................................... (650) (469) 20 Income (Loss) Before Taxes ..................................................... 6,770 5,890 21 Provision (Credit) for Income Taxes...................................... 0 1,703 22 Net Income (Loss)..................................................................... $6,770 $4,187 The accompanying notes are an integral part of the financial statements. Valid comparisons cannot be made without using information contained in the notes. 3/18 DGE-210 GOLDEN NUGGET ONLINE GAMING STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2020 AND THE THREE MONTHS ENDED MARCH 31, 2021 (UNAUDITED) ($ IN THOUSANDS) Retained Total Additional Note from Earnings Stockholders' Common Stock Preferred Stock Paid-In Old GNOG (Accumulated Equity Line Description Notes Shares Amount Shares Amount Capital Parent Deficit) (Deficit) (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) 1 Balance, December 31, 2019........... ($8,385) ($8,385) 2 Net Income (Loss) - 2020.............. 415 415 3 Contribution to Paid-in-Capital..... (1,920) 18,712 16,792 4 Dividends...................................... (30,542) (30,542) 5 Prior Period Adjustments.............. 0 6 Note receivable from parent of Old (288,000) (288,000) 7 Acquisition transaction recapitaliz 36,982 4 31,351 3 61,385 289,920 (288,545) 62,767 8 Net loss post acquisition transactio 24,788 24,788 9 Other (61,385) (582,626) (644,011) 10 Balance, December 31, 2020........... 36,982 4 31,351 3 0 0 (866,183) (866,176) 11 Net Income (Loss) - 2021.............. 6,770 6,770 12 Contribution to Paid-in-Capital..... 0 13 Dividends...................................... 0 14 Prior Period Adjustments.............. 0 15 Reorganization (36,982) (4) (31,351) (3) 843,672 843,665 16 0 17 0 18 0 19 Balance, March 31, 2021 ....... 0 $0 0 $0 $0 $0 ($15,741) ($15,741) The accompanying notes are an integral part of the financial statements. Valid comparisons cannot be made without using information contained in the notes. 12/11 DGE-220 GOLDEN NUGGET ONLINE GAMING STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020 (UNAUDITED) ($ IN THOUSANDS) Line Description Notes 20__ 20__ (a) (b) (c) (d) 1 CASH PROVIDED (USED) BY OPERATING ACTIVITIES... $2,918 ($7,720) CASH FLOWS FROM INVESTING ACTIVITIES: 2 Purchase of Short-Term Investments ....................................... 3 Proceeds from the Sale of Short-Term Investments ................ 4 Cash Outflows for Property and Equipment............................. (5) 0 5 Proceeds from Disposition of Property and Equipment............ 6 CRDA Obligations ................................................................... 7 Other Investments, Loans and Advances made........................ 8 Proceeds from Other Investments, Loans, and Advances ........ 9 Cash Outflows to Acquire Business Entities............................ 0 0 10 .................... 11 .................... 12 Net Cash Provided (Used) By Investing Activities...................... (5) 0 CASH FLOWS FROM FINANCING ACTIVITIES: 13 Proceeds from Short-Term Debt ............................................. 14 Payments to Settle Short-Term Debt........................................ (23) 15 Proceeds from Long-Term Debt .............................................. 16 Costs of Issuing Debt................................................................ 17 Payments to Settle Long-Term Debt......................................... 18 Cash Proceeds from Issuing Stock or Capital Contributions.... 0 0 19 Purchases of Treasury Stock..................................................... 20 Payments of Dividends or Capital Withdrawals....................... (2,365) 21 Reorganization .................... (76,502) 22 .................... 23 Net Cash Provided (Used) By Financing Activities.................... (76,502) (2,388) 24 Net Increase (Decrease) in Cash and Cash Equivalents............... (73,589) (10,108) 25 Cash and Cash Equivalents at Beginning of Period..................... 132,432 38,932 26 Cash and Cash Equivalents at End of Period............................... $58,843 $28,824 CASH PAID DURING PERIOD FOR: 27 Interest (Net of Amount Capitalized)........................................ $1 28 Income Taxes............................................................................ The accompanying notes are
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