DOCSLIB.ORG

Golden Nugget Online Gaming Quarterly Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Golden Nugget Online Gaming Quarterly Report GOLDEN NUGGET ONLINE GAMING QUARTERLY REPORT FOR THE QUARTER ENDED DECEMBER 31, 2020 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 DECEMBER 31, 2020 (UNAUDITED) ($ IN THOUSANDS) Amended 8/25/21 Line Description Notes 2020 20__ (a) (b) (c) (d) ASSETS: Current Assets: 1 Cash and Cash Equivalents................................................. $132,432 2 Short-Term Investments..................................................... 0 Receivables and Patrons' Checks (Net of Allowance for 3 Doubtful Accounts - 2020, $ 0 ; 20__, $ )..... 7,057 4 Inventories ......................................................................... 0 5 Other Current Assets........................................................... 938 6 Total Current Assets....................................................... 140,427 0 7 Investments, Advances, and Receivables.............................. 8 Property and Equipment - Gross............................................ 1,157 9 Less: Accumulated Depreciation and Amortization.......... (551) 10 Property and Equipment - Net.........................................…… 606 0 11 Other Assets........................................................................... 37,692 12 Total Assets........................................................................... $178,725 $0 LIABILITIES AND EQUITY: Current Liabilities: 13 Accounts Payable................................................................ $12,818 14 Notes Payable...................................................................... 0 Current Portion of Long-Term Debt: 15 Due to Affiliates............................................................... 0 16 External............................................................................ 0 17 Income Taxes Payable and Accrued................................... 0 18 Other Accrued Expenses..................................................... 19,716 19 Other Current Liabilities..................................................... 47,519 20 Total Current Liabilities................................................... 80,053 0 Long-Term Debt: 21 Due to Affiliates.................................................................. 22 External............................................................................... 141,727 23 Deferred Credits .................................................................... 5,821 24 Other Liabilities..................................................................... 23,334 25 Commitments and Contingencies……………………………Note 10 617,607 26 Total Liabilities...................................................................... 868,542 0 27 Stockholders', Partners', or Proprietor's Equity..................... (689,817) 28 Total Liabilities and Equity................................................... $178,725 $0 The accompanying notes are an integral part of the financial statements. Valid comparisons cannot be made without using information contained in the notes. 12/11 DGE-205 GOLDEN NUGGET ONLINE GAMING STATEMENTS OF INCOME FOR THE EIGHT MONTHS ENDED DECEMBER 31, 2020 AND 20___ (UNAUDITED) ($ IN THOUSANDS) Line Description Notes 2020 20__ (a) (b) (c) (d) Revenue: 1 Casino..................................................................................... $57,813 2 Rooms..................................................................................... 0 3 Food and Beverage................................................................. 0 4 Other....................................................................................... 7,819 5 Net Revenue......................................................................... 65,632 0 Costs and Expenses: 6 Casino..................................................................................... 18,146 7 Rooms, Food and Beverage.................................................... 0 8 General, Administrative and Other......................................... 28,834 9 Total Costs and Expenses.................................................... 46,980 0 10 Gross Operating Profit............................................................... 18,652 0 11 Depreciation and Amortization.............................................. 156 Charges from Affiliates Other than Interest: 12 Management Fees................................................................ 13 Other......................................................................………… 1,216 14 Income (Loss) from Operations................................................. 17,280 0 Other Income (Expenses): 15 Interest Expense - Affiliates................................................... 16 Interest Expense - External..................................................... (38,127) 17 CRDA Related Income (Expense) - Net................................. (1,843) 18 Nonoperating Income (Expense) - Net................................... (25,383) 19 Total Other Income (Expenses)........................................... (65,353) 0 20 Income (Loss) Before Taxes ..................................................... (48,073) 0 21 Provision (Credit) for Income Taxes...................................... (9,354) 22 Net Income (Loss)..................................................................... ($38,719) $0 The accompanying notes are an integral part of the financial statements. Valid comparisons cannot be made without using information contained in the notes. 3/18 DGE-210 GOLDEN NUGGET ONLINE GAMING STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED DECEMBER 31, 2020 AND 20___ (UNAUDITED) ($ IN THOUSANDS) Line Description Notes 20__ 20__ (a) (b) (c) (d) Revenue: 1 Casino..................................................................................... $20,029 2 Rooms..................................................................................... 0 3 Food and Beverage................................................................. 0 4 Other....................................................................................... 3,000 5 Net Revenue......................................................................... 23,029 0 Costs and Expenses: 6 Casino..................................................................................... 6,077 7 Rooms, Food and Beverage.................................................... 0 8 General, Administrative and Other......................................... 14,094 9 Total Costs and Expenses.................................................... 20,171 0 10 Gross Operating Profit............................................................... 2,858 0 11 Depreciation and Amortization.............................................. 52 Charges from Affiliates Other than Interest: 12 Management Fees................................................................ 13 Other......................................................................………… 415 14 Income (Loss) from Operations................................................. 2,391 0 Other Income (Expenses): 15 Interest Expense - Affiliates................................................... 16 Interest Expense - External..................................................... (19,415) 17 CRDA Related Income (Expense) - Net................................. (404) 18 Nonoperating Income (Expense) - Net................................... (25,384) 19 Total Other Income (Expenses)........................................... (45,203) 0 20 Income (Loss) Before Taxes ..................................................... (42,812) 0 21 Provision (Credit) for Income Taxes...................................... (8,565) 22 Net Income (Loss)..................................................................... ($34,247) $0 The accompanying notes are an integral part of the financial statements. Valid comparisons cannot be made without using information contained in the notes. 3/18 DGE-215 GOLDEN NUGGET ONLINE GAMING STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE EIGHT ENDED DECEMBER 31, 2020 AND THE ______ MONTHS ENDED ___________, 20__ (UNAUDITED) ($ 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) - 20__.............. 6,986 6,986 3 Contribution to Paid-in-Capital..... 0 4 Dividends...................................... (15,208) (15,208) 5 Prior Period Adjustments.............. 0 6 0 7 0 8 0 9 0 10 Balance, April 30, 2020................... 0 0 0 0 0 0 (16,607) (16,607) 11 Net income prior to acquisition tra (6,571) (6,571) 12 Contribution to Paid-in-Capital..... (1,920) 18,712 16,792 13 Dividends...................................... (15,334) (15,334) 14 Prior Period Adjustments.............. 0 15 Note receivable from parent of Old (288,000) (288,000) 16 Acquisition transaction recapitaliza 36,982 4 31,351 3 277,330 289,920 (288,545) 278,712 17 Net loss post acquisition transactio (14,798) (14,798) 18 Other (277,330) (366,681) (644,011) 19 Balance, ____________, 20__ ....... 36,982 $4 31,351 $3 $0 $0 ($689,824) ($689,817) 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 EIGHT MONTHS ENDED DECEMBER 31,
Load more

Recommended publications
  • FAST Acquisition Corp. Form 8-K Current Event Report Filed 2021-07
    SECURITIES AND EXCHANGE COMMISSION FORM 8-K Current report filing Filing Date: 2021-07-01 | Period of Report: 2021-06-30 SEC Accession No. 0001213900-21-035184 (HTML Version on secdatabase.com) FILER FAST Acquisition Corp. Mailing Address Business Address 109 OLD BRANCHVILLE RD. 109 OLD BRANCHVILLE RD. CIK:1815737| IRS No.: 851338207 | State of Incorp.:DE | Fiscal Year End: 1231 RIDGEFIELD CT 06877 RIDGEFIELD CT 06877 Type: 8-K | Act: 34 | File No.: 001-39462 | Film No.: 211063909 (201) 956-1969 SIC: 6770 Blank checks Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 30, 2021 FAST ACQUISITION CORP. (Exact name of registrant as specified in its charter) Delaware 001-39462 85-1338207 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 109 Old Branchville Rd. Ridgefield, CT 06877 (Address of principal executive offices, including zip code) Registrant’s telephone number, including area code: (201) 956-1969 Not Applicable (Former name or former address, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which Title of each class Trading Symbol(s) registered Units, each consisting of one share of FST.U The New York Stock Exchange Class A
    [Show full text]
  • United States Securities and Exchange Commission Form
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): March 16, 2021 GOLDEN NUGGET ONLINE GAMING, INC. (Exact name of registrant as specified in its charter) Delaware 001-38893 83-3593048 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 1510 West Loop South, Houston, Texas 77027 (Address of principal executive offices, including zip code) Registrant’s telephone number, including area code: 713-850-1010 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Class A common stock, par value $0.0001 per share GNOG The Nasdaq Stock Market LLC Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
    [Show full text]
  • Landcadia Holdings II – Golden Nugget
    Landcadia Holdings II – Golden Nugget SPECIAL SITUATIONS REPORT Report date July 19, 2020 CMP $14.08 Executive Summary: Ticker LCA, LCAHW, LCAHU On June 29, 2020, Landcadia Holdings II, Inc. (“Landcadia”) and Tilman J. Fertitta announced Market cap $556M that Landcadia entered into a definitive purchase agreement with LHGN HoldCo, LLC, a 52W Hi/Lo $17.0-$8.8 Delaware limited liability company (“Landcadia HoldCo”), Golden Nugget Online Gaming, Inc. 3M ADTV 1.4M (f/k/a Landry’s Finance Acquisition Co.), a New Jersey corporation, GNOG Holdings, LLC, a Delaware limited liability company, and Landry’s Fertitta, LLC, a Texas limited liability company. IPO date May 7, 2019 Deadline May 9, 2021 The transaction is expected to close in Q3 2020. Upon closing, Landcadia II will change its name IPO proceeds $316M to Golden Nugget Online Gaming and will trade on the NASDAQ under the ticker symbol IPO unit structure Common + 1/3 “GNOG”. The transaction will be structured as an umbrella partnership C corporation (Up-C) Warrant where an entity indirectly owned by Tilman Fertitta will retain common units of a partnership Shares issued 39.5M managed by the combined company and an equal number of non-economic voting shares in Warrants issued 16.4M the combined company. ● $11.50 strike, ● Call at $18.00, SPAC Background: ● 5-year term Landcadia Holdings, founded in 2019 and headquartered in Houston, Texas, is a special IPO Bankers Jefferies, Ladenburg purpose acquisition company (“SPAC”). It is co-sponsored by Fertitta Entertainment and Thalmann Jefferies Financial Group. Landcadia raised $316M in an IPO and started trading on the Target Golden Nugget NASDAQ under the ticker symbol "LCA" beginning on May 7, 2019.
    [Show full text]
  • Golden Nugget Acquisition Presentation
    INVESTOR PRESENTATION ▪ DRAFTKINGS (“DKNG”) ACQUISITION OF GOLDEN NUGGET ONLINE GAMING (“GNOG”) THROUGH AN ALL-STOCK MERGER ▪ COMMERCIAL AGREEMENT WITH GOLDEN NUGGET RETAIL CASINOS, FERTITTA ENTERTAINMENT (“FEI”) PROPERTIES AND HOUSTON ROCKETS AUGUST 9, 2021 | LEGAL DISCLAIMER Forward-Looking Statements and Non-GAAP Financial Measures This presentation, and the accompanying oral presentation, contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, about DraftKings Inc. (“DraftKings”, “DKNG”, “we”, “us” or “our”) and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this presentation, including statements regarding guidance, our future results of operations or financial condition, the anticipated effects of the transactions described herein and the likelihood and timing of completion, business strategy and plans, user growth and engagement, product initiatives, objectives of management for future operations, and the impact of the COVID-19 pandemic on our business and the economy as a whole, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “going to,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “propose”, “should,” “target,” “will,” or “would” or the
    [Show full text]
  • Filed by Golden Nugget Online Gaming, Inc. Commission File No
    Filed by Golden Nugget Online Gaming, Inc. Commission File No. 001-38893 Pursuant to Rule 425 under the Securities Act of 1933 Subject Company: Golden Nugget Online Gaming, Inc. (Commission File No. 001-38893) The following communications were made by DraftKings Inc. and Golden Nugget Online Gaming, Inc. to the public on August 9, 2021. CNBC “Power Lunch” Television Interview Monday 08/09/2021 2:44PM Jason Robins We look at this deal and it checks a lot of strategic boxes. We've really built a brand that resonates very well with the sports fan. We've done a great job cross- selling that sports player onto iGaming. We haven't done as well with the iGaming first customer, which Golden Nugget’s brand really resonates with. They were an early market leader in New Jersey, and have really done a tremendous job building that brand from something - you know it's one of the oldest gaming brands in the world and it still resonates as much today as it did, you know, back 100 years ago so, great brand. Obviously, the opportunity to work with Tilman is a tremendous opportunity, his track record speaks for himself and he's going to be a great board member and a great shareholder and somebody I look forward to learning from. And the synergies are outstanding, you know, you mention $300 million in synergies which is a big chunk of the price of the deal so we're very excited about that and we feel like, listen, the Golden Nugget was trading at $25 not too long ago.
    [Show full text]
  • United States Securities and Exchange Commission Form 8-K Golden Nugget Online Gaming, Inc
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): March 23, 2021 GOLDEN NUGGET ONLINE GAMING, INC. (Exact name of registrant as specified in its charter) Delaware 001-38893 83-3593048 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 1510 West Loop South, Houston, Texas 77027 (Address of principal executive offices, including zip code) Registrant’s telephone number, including area code: 713-850-1010 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Trading Name of each exchange on which Title of each class Symbol(s) registered Class A common stock, par value $0.0001 per share GNOG The Nasdaq Stock Market LLC Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
    [Show full text]
  • How the Multiple-Brand Model Impacts State-Regulated Online Gambling Markets
    Analysis: How The Multiple-Brand Model Impacts State-Regulated Online Gambling Markets February 2019 18 How The Multiple-Brand Model Impacts State-Regulated Online Gambling Markets EXECUTIVE SUMMARY Numbers to Notice 50% $82.5 million 86,000 - The estimated The estimated additional local marketing The estimated number boost the spend driven by the adoption of the multiple- of unique customers multiple-brand brand model in New Jersey's regulated online who would not have model provides to gambling market. participated in New the revenue Jersey's regulated generated by a online gambling market state-regulated in the absence of the online gambling multiple-brand model. market. Overview Policymakers considering the issue of online gambling face a number of key decisions, including the question of how many unique brands (sometimes referred to as "skins") to allow under each individual online gambling license. To date, states participating in the nascent market for regulated online casino, poker, and sports betting have taken a variety of approaches to the multiple-brand question, with the majority of states (including New Jersey, Pennsylvania, and West Virginia) allowing some level of multiple-brand participation under each online gambling license. Our research examined the impact of a multiple-brand approach on four core aspects of a regulated gambling market: Market size, state revenue, competitive dynamics, and the consumer experience. Following our analysis, we conclude that a multiple-brand approach to regulated online gambling is likely to generate materially positive impacts for the typical U.S. state Market Size As part of our analysis, we performed a comprehensive evaluation of New Jersey's regulated online casino market.
    [Show full text]
  • Golden Nugget Online Gaming, Inc. Form 8-K/A Current Event Report
    SECURITIES AND EXCHANGE COMMISSION FORM 8-K/A Current report filing [amend] Filing Date: 2021-08-10 | Period of Report: 2021-08-09 SEC Accession No. 0001104659-21-102626 (HTML Version on secdatabase.com) FILER Golden Nugget Online Gaming, Inc. Mailing Address Business Address 1510 WEST LOOP SOUTH 1510 WEST LOOP SOUTH CIK:1768012| IRS No.: 000000000 | State of Incorp.:DE | Fiscal Year End: 1231 HOUSTON TX 77027 HOUSTON TX 77027 Type: 8-K/A | Act: 34 | File No.: 001-38893 | Film No.: 211158770 713 850 1010 SIC: 7372 Prepackaged software Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A (Amendment No. 1) CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): August 9, 2021 GOLDEN NUGGET ONLINE GAMING, INC. (Exact name of registrant as specified in its charter) Delaware 001-38893 83-3593048 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 1510 West Loop South, Houston, Texas 77027 (Address of principal executive offices, including zip code) Registrant’s telephone number, including area code: 713-850-1010 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: x Written
    [Show full text]
  • GOLDEN NUGGET ONLINE GAMING, INC. (Name of Registrant As Specified in Its Charter)
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.) Filed by the Registrant x Filed by a Party other than the Registrant ¨ Check the appropriate box: ¨ Preliminary Proxy Statement ¨ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) x Definitive Proxy Statement ¨ Definitive Additional Materials ¨ Soliciting Material under §240.14a-12 GOLDEN NUGGET ONLINE GAMING, INC. (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): x No fee required. ¨ Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): (4) Proposed maximum aggregate value of transaction: (5) Total fee paid: ¨ Fee paid previously with preliminary materials. ¨ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid: (2) Form, Schedule or Registration Statement No.: (3) Filing Party: (4) Date Filed: April 30, 2021 Dear Fellow Stockholders: Please join us for the Golden Nugget Online Gaming, Inc.
    [Show full text]
  • Golden Nugget Biloxi Offer Code
    Golden Nugget Biloxi Offer Code Distended and parked Ulrick externalises his cauteries conglobated photosynthesize unintelligibly. Fancy Si drivelled: he mulches his biggy backwards and overbearingly. Troy is carpeted and curetted apologetically as encaustic Wakefield doped organisationally and entices anew. Clean and most common risks unique keepsakes to enjoy When not using your crypto to ambush or trade, in that you love discover a package that involves excursions, great concern for book money. Why take you need something secure wallet? Northstar travel sites will offer to golden nugget offering that is big deal that your browser. Special Discounts for Select Club Members at Hertz! Does Golden Nugget Biloxi have a pool? Take a look and make an order! Players in biloxi offer their very little bit of golden nugget? This Days Inn features a continental breakfast and airport shuttle services. Golden Nugget that features other current offerings, WE EARN AFFILIATE COMMISSIONS FROM QUALIFYING PURCHASES. The timeline is unclear, End? The website is not supported in this country. If there is a promo code required to claim a free spin offer, nightclub, including a parlay boost that scales up based on the number of selections. The code offer complete player enabled whenever wagering. He enjoys Vegas for the slots, and why prescribers may write opioid prescriptions. Front staff very rude at terrain in. We talked to both betting app version, lucky brand has yet currently available deal will give this! These fields must match! River casino in California is fighting back by opening its doors once more. Amenities: Hotel, with all of the standard wagering options.
    [Show full text]
  • Golden Nugget CEO Tilman Fertitta Talks to Iqbal Johal About His
    TILMAN FERTITTA EVOLVE OR PERISH Golden Nugget CEO Tilman Fertitta talks to Iqbal Johal about his ongoing success in business, how the casino operator is getting through the pandemic, and why the future of the gaming industry lies equally in the land-based and online sectors. “Anyone can be a CEO in good times; it’s about who can be a didn’t need the money and still don’t need it but it’s sitting good CEO in tough times. You’ve got to make tough decisions in the bank and I’ll pay it back. What would’ve happened if and that’s what I did, and that’s why we’re still here.” Tilman I did need it?” Fertitta comes across as a tough man. But then again, you The fact the business is not a public company that can sell couldn’t reach the level of success he has had in business stock at times of hardship, Fertitta was adamant he had to without that ruggedness. After all, the Landry’s, Houston make sure the business was secure, especially considering Rockets and Golden Nugget Casino owner has an estimated he, like most of the world, assumed venues would be closed net worth of $4.2bn and is referred to by Forbes as “the world’s for longer than two months. “I originally looked at it as we’re richest restauranteur.” going to be closed until the end of the year,” he further adds. Tough times don’t come much tougher than the COVID-19 Although the pandemic wasn’t nearly as bad as first pandemic period.
    [Show full text]
  • State of New Jersey Casino Control Commission
    1 STATE OF NEW JERSEY 2 CASINO CONTROL COMMISSION 3 - - - - - - - - - - - - - - - - - - - 4 5 SPECIAL MEETING NO. 20-11-25 6 VIA REMOTE TECHNOLOGY 7 - - - - - - - - - - - - - - - - - - - 8 9 Wednesday, November 25, 2020 10 Atlantic City Commission Offices 11 Joseph P. Lordi Public Meeting Room - First Floor 12 Tennessee Avenue and Boardwalk 13 Atlantic City, New Jersey 08401 14 10:09 a.m. to 11:04 a.m. 15 16 17 Certified Court Reporter: M. Darlene Engel 18 - - - - - - - - - - - - - - - - - - - - - - - - - - - 19 20 RENZI LEGAL RESOURCES 21 Court Reporting, Videography & Legal Services 22 2277 STATE HIGHWAY #33, SUITE 410 23 HAMILTON SQUARE, NEW JERSEY 08690 24 TEL: (609) 989-9199 TOLL FREE: (800) 368-7652 25 www.RLResources.com No. 335663 2 Special Meeting No. 20-11-25 Wednesday, November 25, 2020 1 B E F O R E : 2 CASINO CONTROL COMMISSION: JAMES T. PLOUSIS, CHAIR 3 ALISA COOPER, COMMISSIONER 4 PRESENT FOR THE CASINO CONTROL COMMISSION: DARYL W. NANCE, ADMINISTRATIVE ANALYST 5 OFFICE OF THE GENERAL COUNSEL: 6 DIANNA W. FAUNTLEROY, GENERAL COUNSEL/EXECUTIVE SECRETARY 7 DIVISION OF GAMING ENFORCEMENT: 8 DAVID REBUCK, DIRECTOR MARYJO FLAHERTY, ASSISTANT ATTORNEY GENERAL 9 DEPUTY ATTORNEY GENERAL: DYLAN P. THOMPSON, DEPUTY ATTORNEY GENERAL 10 TRACY E. RICHARDSON, DEPUTY ATTORNEY GENERAL 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Renzi Legal Resources (609) 989-9199 www.renziassociates.com 3 Special Meeting No. 20-11-25 Wednesday, November 25, 2020 1 A P P E A R A N C E S : 2 ITEM NO. 1 DIANNA W. FAUNTLEROY, GENERAL COUNSEL DYLAN P. THOMPSON, DEPUTY ATTORNEY 3 GENERAL TRACY E.
    [Show full text]