Golden Nugget to Enter Illinois Gambling Market
Golden Nugget Online Gaming is set to enter the Illinois sports betting and iGaming market
Golden Nugget Online Gaming (GNOG) has signed a 20-year agreement with Danville Development, which will see the company enter the Illinois sports betting market. Additionally, if the law allows in the future, Golden Nugget will also offer Illinois players online casino gaming. As per the terms of the agreement, Danville Developers will construct a new Golden Nugget casino in Danville, Illinois, which will give the brand access to the Illinois sports betting market.
Wilmot Gaming Illinois, a subsidiary of land developers Wilmorite Management Group, based in New York, jointly owns Danville Development with GN Danville. Golden Nugget Danville is a subsidiary of Golden Nugget that is primarily operating in Illinois. The new casino will be built pending regulatory approval.
The joint venture will see Golden Nugget Online Gaming provide a $30 million mezzanine loan towards the construction of the new building. Some of the net gaming revenue will also be paid, and minimum royalty payments will also apply.
James Wilmot, Wilmot Management Group Vice President, together with its partner, Tilman J. Fertitta, has stated how delighted they are at the news. Wilmot commented that it was fantastic that Golden Nugget Online Gaming would be available in Danville, which is 138 miles south of Chicago.
Wilmot also stressed that because the Golden Nugget brand is so well-known, it “strengthens the submission” while upgrading “the overall project.” He also wanted to pay tribute to the City Council and the Mayor of Danville, saying that “this project would not be possible without their efforts.”
Thomas Winter, the President of GNOG, was ecstatic that the company would gain access to the market of the fifth most populous US state and the largest to have regulated mobile betting so far. Winter described the venture as a “tremendous opportunity” to continue their US expansion and that they are looking forward to offering their award-winning online options to Illinois residents.
Tilman Fertitta, Golden Nugget and Golden Nugget Online Gaming owner, explained that it is the first joint venture the brand has agreed to on a casino project. He said it was an honor to be chosen from a list of numerous bidders following a competitive tender process. He described the agreement as an “incredible opportunity” to grow the Golden Nugget brand in the state.
The deal means Golden Nugget continues to expand its footprint across the country at pace. The company is also looking to expand into new states in 2021. They already have a presence in New Jersey and is waiting for approval for a license in Pennsylvania. Additionally, GNOG agreed to a partnership with the Keweenaw Bay Indian Community’s Ojibwa Casino. This agreement was crucial in aiding Golden Nugget Online Gaming to enter the Michigan market.
Because the Coronavirus pandemic has gripped 2020, US gaming has had to move online. Golden Nugget has benefitted from this, as its revenue has surged as the year has progressed, culminating in $28.9 million gross revenue in the third quarter.
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