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Golden Nugget Online Gaming To Become Public

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Landcadia Holdings II, Inc. to Acquire Golden Nugget Online Gaming

Tilman J. Fertitta and Landcadia Holdings II,  Inc. announced today that Landcadia II has entered into a Purchase Agreement to acquire Golden Nugget Online Gaming, Inc. (“GNOG”), a US online real money casino owned by Tilman Fertitta, recognized by both its peers and customers alike as the industry leading online casino that brought Live Dealer to the US market place. Landcadia II is a publicly traded special purpose acquisition company co-sponsored by Fertitta Entertainment, Inc. and Jefferies Financial Group Inc.

GNOG will become only the second pure publicly traded online casino company in the US. The transaction is expected to close in the third quarter of this year.  Upon closing, Landcadia II intends to change its name to Golden Nugget Online Gaming, Inc. and its Nasdaq trading symbol to GNOG.

“GNOG is one of the best positioned companies to capitalize on this massive online gaming opportunity in the US,” said Rich Handler, Co-Chairman of Landcadia II and CEO of Jefferies LLC. “We at Jefferies couldn’t be more thrilled to partner with Tilman and bring this great opportunity to the public markets.”

Golden Nugget is a household name throughout the United States and its iGaming business is a well-established leader in New Jersey, the largest online gaming market in North America. GNOG has obtained market access, subject to regulatory approval, to Pennsylvania and Michigan and anticipates launching its online casino brand in each of those new markets in early 2021.

GNOG is known among its industry peers as the preeminent operator in the US online gaming market, having won the EGR North America Top Operator Award for three consecutive years. GNOG is known for its innovation, including initiating Live Dealer, Live Casino Floor gambling and a number of exclusive slot machine games to mobile devices, tablets and computers throughout New Jersey, as well as its top-notch 24/7 customer support.

Tilman J. Fertitta will remain GNOG’s Chairman and CEO, and Thomas Winter, who was brought in to develop Golden Nugget’s online gaming business, will continue to serve as GNOG’s President.  During the seven years since Thomas Winter started Golden Nugget’s iGaming business in New Jersey, revenues and profitability have grown each year despite facing competition with greater financial resources. According to Mr. Fertitta, “Golden Nugget is one of the most time-honored brands in the gaming business today. When customers hear the name Golden Nugget, they know they are dealing with a trusted online gaming business. Thomas and his team have done a remarkable job, are the best in the industry, and with this transaction, will have access to growth capital to allow for the rapid expansion of the business.”

GNOG Highlights

  • Started operation in New Jersey Q4 2013
  • Became profitable in 2016
  • First online gaming company to launch Live Dealer in the US
  • Won Industry award as top operator 3 years in a row
  • First to launch Live Casino Floor in US
  • Net Income of over $11 million in 2019

Key Transaction Terms

The transaction values the combined company at an anticipated pro forma enterprise value of approximately $745 million, or 6.1x GNOG’s estimated 2021 revenue of $122 million. The consideration payable to the parent entity of GNOG will consist of a combination of cash and rollover equity in Landcadia II.  Upon completion of the transaction, Tilman J. Fertitta, Chairman and CEO, will, through the parent entity of GNOG, hold a controlling economic interest (through an Up-C structure described below) and a controlling voting interest in the combined company.  The combined company will have a dual-class share structure with super voting rights for Mr. Fertitta.

Landcadia II will be assuming $150 million of GNOG debt of and will pay down at closing an additional $150 million of its debt, plus pay prepayment fees, transaction fees and expenses. Subject to redemptions, there is approximately $321 million currently held in Landcadia II’s trust account. Upon payment of the purchase price, debt repayment and transaction fees and expenses, the combined company will have at least $80 million on its consolidated balance sheet at closing and an anticipated pro forma equity market capitalization of nearly $700 million.

The transaction will be structured as an Up-C where an entity indirectly owned by Mr. Fertitta will retain common units of a partnership managed by the combined company and an equal number of non-economic voting shares in the combined company.  The combined company will also enter into a customary tax receivable arrangement with such entity indirectly owned by Mr. Fertitta, which will provide for the sharing of tax benefits relating to certain pre-combination tax attributes, as well as tax attributes generated by the transaction and any subsequent sales or exchanges by the entity indirectly owned by Mr. Fertitta of their equity interests, as those attributes are realized by the combined company.

The transaction has been unanimously approved by the Board of Directors of Landcadia II, upon the unanimous recommendation of a committee comprised solely of Landcadia II’s disinterested independent directors (the “Committee”).  The transaction will require the approval of a majority of the outstanding shares of Landcadia II, excluding shares beneficially owned by Tilman J. Fertitta and Jefferies Financial Group, and is subject to customary closing conditions, including certain regulatory approvals. Jefferies LLC is acting as exclusive financial and capital markets advisor to Landcadia II.  Haynes and Boone LLP is acting as legal advisor to GNOG. White & Case LLP is acting as legal advisor to Landcadia II. Houlihan Lokey, Inc. is serving as financial advisor to the Committee of Landcadia II.

 

SOURCE Landcadia Holdings II, Inc.

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Oklahoma Man Wins $1 Million in Choctaw Casino & Resort – Durant’s first “3 Months. 3 Millionaires.” Drawing of 2026

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Choctaw Casino & Resort – Durant announced its first millionaire of the summer late Saturday evening as part of the 2026 edition of “3 Months. 3 Millionaires.” Douglas C. from Norman, Oklahoma, became the First of three lucky Choctaw Rewards Club members to become an instant millionaire this summer.

Douglas who was very surprised to hear his name, said he plans to give a portion of his winnings to a few charities.

“I don’t feel any different. Being a millionaire is a state of mind and how you deal with folks and what you do to make this world a better place,” he said.

Choctaw Casino & Resort – Durant is also taking the excitement of “3 Months. 3 Millionaires.” to the winner’s hometown and will make a $10,000 donation to a local 501(c)(3) nonprofit organization of the winner’s choice.

In addition to crowning a new millionaire, Choctaw Casino & Resort – Durant also held its first-ever bonus drawing for $250,000, where Eden H. from Richardson, Texas, was the winner. This new addition will take place on each million-dollar drawing day, one hour after the grand-prize drawing.

“We are thrilled to announce our first millionaire of the summer. By the end of this summer, Choctaw Casino & Resort – Durant will have made 12 Choctaw Rewards Club members millionaires through this promotion. This truly is where millionaires are made. This is an incredible, life-changing opportunity for our rewards club members, and we’re thrilled to be able to provide it. We look forward to continuing to innovate ways to create exciting opportunities for guests to win here at Choctaw,” said Jeff Penz, senior director of gaming and hospitality for Choctaw Casino & Resort – Durant.

The next $1 million drawing will be held on Saturday, July 11, and the winner must be present to claim their prize.

The post Oklahoma Man Wins $1 Million in Choctaw Casino & Resort – Durant’s first “3 Months. 3 Millionaires.” Drawing of 2026 appeared first on Americas iGaming & Sports Betting News.

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Ignition Casino: One-night Las Vegas Strip spend hits $668, up 109% since 2014

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Resort fees are up 194% and Nevada’s live poker table count is down 38% since 2011, based on UNLV and Gaming Commission data cited in the report.

The cost of a one-night visit to the Las Vegas Strip has more than doubled since 2014, according to a new “Las Vegas Inflation Index” published by Ignition Casino. The report estimates a typical one-night “basket” of expenses at $667.85 in 2026 versus $319.09 in 2014, a 109.3% increase.

Ignition Casino’s basket includes the Strip average for a blackjack minimum bet, weekend one-night hotel stay, resort fee, domestic beer, bottle of water, dinner (entrée and drink), a show ticket and valet parking. In the company’s breakdown, resort fees show the steepest jump, rising from $19.43 to $48.49 (+194.5%). Other increases cited include blackjack minimum bets from $50.00 to $112.17 (+124.3%), show tickets from $82.86 to $175.91 (+112.3%), water from $3.00 to $7.00 (+133.3%), and valet parking moving from free to $40.

For poker, the report argues higher trip costs are landing alongside a smaller live product. Citing UNLV’s Center for Gaming Research and Nevada Gaming Commission Quarterly Reports, it says Nevada’s live poker table count fell from 957 in 2011 to 595 by end-2025, a 38% decline. On the Strip, the report puts active poker rooms at eight today—Aria, Bellagio, Caesars Palace, Horseshoe, Mandalay Bay, MGM Grand, The Venetian and Wynn—down from approximately 17 in the late 2000s.

The company also points to higher rake caps compared with 2014. It states Aria’s rake is “10% of the pot up to a maximum cap of $7 per hand,” Bellagio’s cap is $6, and the remaining Strip rooms are at $5, versus a 2014 Strip average cap of $4. Using an assumed 30 raked hands per hour, the report estimates that a $2 higher cap at cap-reaching tables equates to “an extra $60 per hour” going to the house, or $300 over a five-hour session.

At blackjack, Ignition Casino ties higher table minimums to shorter expected playtime for fixed budgets. It estimates a $500 bankroll would last about 2 hours and 22 minutes at the 2014 average minimum bet, versus about 28 minutes at the 2026 average minimum, using an approach it attributes to “casino risk analysts and quantitative mathematicians” and assuming 70 hands per hour and a blackjack standard deviation of 1.15.

The post Ignition Casino: One-night Las Vegas Strip spend hits $668, up 109% since 2014 appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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Las Vegas Inflation Index: Cost of visiting Sin City for one night has more than doubled in the last 12 years

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    • An average spend for one night on the Las Vegas Strip now reaches nearly $670, compared to $319 in 2014.
    • Resort fees have seen a 194% rise in that period – the steepest increase of all.
    • Nevada’s live poker table count has fallen by 38% since 2011 – from 957 tables to 595 – while the number of active Strip poker rooms has halved.
    • Strip poker rooms are taking an average of $300 more per five-hour session compared to 2014.
    • With a $500 blackjack budget, you will bust nearly two hours quicker on average in 2026 compared to 2014.

    The average cost for a one-night stay in Las Vegas has risen by almost 109% in the last 12 years, as revealed by research from Ignition Casino.

    Based on the average cost of a basket of a typical visitor’s stay – hotel, food, drinks, entertainment and parking – guests are spending nearly $350 more per night in 2026 than they were in 2014.

    That basket includes the average minimum blackjack bet, a one-night hotel stay, resort fee, a domestic beer, bottle of water, dinner (entrée and drink), a show ticket and valet parking. All recorded prices are Strip averages in 2014 and 2026.

    The steepest single increase is resort fees: the add-ons charged on top of base room rates averaged $19.43 on the Strip in 2014 and have risen to $48.49 today – a 194.5% jump. Almost every other line item has at least doubled, with blackjack minimum bets up 124%, water up 133%, show tickets up 112% and valet parking going from free to $40.

     

    Feature (On Strip)

    2014

    2026

    % Increase

    Blackjack minimum bet

    $50.00

    $112.17

    +124.3%

    Average resort fee/night

    $19.43

    $48.49

    +194.5%

    Weekend one-night hotel stay

    $125.80

    $207.28

    +64.8%

    Domestic beer

    $6.00

    $10.00

    +66.7%

    Bottle of water

    $3.00

    $7.00

    +133.3%

    Dinner (entrée + drink)

    $32.00

    $67.00

    +109.4%

    Show ticket

    $82.86

    $175.91

    +112.3%

    Valet parking

    $0.00

    $40.00

    N/A

    TOTAL

    $319.09

    $667.85

    +109.3%

     

    But rising prices are only half the story. For poker players specifically, the cost of a Las Vegas trip has increased at the same time as the product itself has quietly contracted – fewer rooms, fewer tables, and higher costs per hand once you sit down.

    Fewer tables, higher rake: Las Vegas poker’s shrinkflation squeeze

    Las Vegas remains the live poker capital of the world – but the infrastructure supporting that reputation has been quietly hollowed out, and the players who remain are paying significantly more for a shrinking product.

    According to data compiled by UNLV’s Center for Gaming Research from Nevada Gaming Commission Quarterly Reports, the state’s live poker table count stood at 957 tables in 2011. By end-2025, that figure had fallen to 595 – a reduction of 38% over 14 years, with no return to pre-2016 levels in sight.

    The decline is structural and predates COVID. From 957 tables in 2011, Nevada’s count fell steadily to 587 by 2018 as casinos converted poker floor space to higher-margin baccarat. The pandemic accelerated the attrition – tables collapsed to just 413 in 2020 – and the recovery has been incomplete. Today’s total of 595 remains roughly 38% below its 2011 level.

    On the Strip specifically, the picture is even starker. From approximately 17 active poker rooms in the late 2000s, just eight remain today: Aria, Bellagio, Caesars Palace, Horseshoe, Mandalay Bay, MGM Grand, The Venetian and Wynn. For Texas Hold’em and Omaha players, this consolidation means less table availability and less competition between rooms – and with fewer operators competing for players, there has been little pressure to keep rake in check.

    Metric

    2011

    2025/26

    Change

    Nevada poker tables (statewide)

    957

    595

    –38%

    Active Strip poker rooms

    ~17

    8

    –53%

    Average rake cap per hand

    $4

    $5–$7

    ↑ significantly

     

    Are Las Vegas poker rooms still good value amid rising costs?

    The rake compounds the shrinkflation picture. Of the eight active Strip rooms, Aria charges a rake of 10% of the pot up to a maximum cap of $7 per hand, Bellagio’s cap is $6, and the remaining rooms sit at $5. In 2014, the Strip average was 10% up to a $4 cap.

    Considering a fast dealer pushes out 30 raked hands per hour, an extra $2 in rake per hand – at rooms where the cap is reached – means an extra $60 per hour going to the house. Over a five-hour session, that is $300 less in players’ stacks compared to 2014.

    Factor in the broader 109.3% price hike across the average Las Vegas stay and there is a serious debate to be had over value for money. Players are paying more to stay, more to eat, more to park – and then paying more rake across fewer available tables once they sit down.

    The same squeeze is visible at the blackjack tables, where minimum bet increases have made a given budget go significantly less far than it did 12 years ago – offering a precise illustration of what the broader cost increases mean in practice.

    You will bust two hours earlier in Las Vegas today compared to 2014 with a $500 blackjack budget

    The blackjack minimum bet increase tells a sharp story about what rising costs mean in practice. Based on the average Strip minimum in 2014, a $500 budget would last approximately two hours and 22 minutes before a player would be expected to bust against the house. Taking into account the 124% increase in average minimum bet since then, that same $500 would now be expected to last just 28 minutes.

    This is calculated using a methodology applied by casino risk analysts and quantitative mathematicians, factoring in betting units, the standard deviation of blackjack (1.15, accounting for doubling down, splitting and natural blackjack payouts), and an average table speed of 70 hands per hour. Full methodology is set out in the appendix below.

    Las Vegas blackjack average time to bust (hr:min)

    Budget

    2014 (hr:min)

    2026 (hr:min)

    $100

    0:06

    N/A

    $200

    0:23

    0:04

    $300

    0:51

    0:10

    $500

    2:22

    0:28

    $1,000

    9:29

    1:53

     

    Shrinkflation is usually associated with a chocolate bar that got smaller without the price changing. In Las Vegas, the same principle has played out across an entire recreational economy — only here, the price went up too. Fewer poker rooms, higher rake, steeper minimum bets and a resort bill that has more than doubled: the product has contracted while the cost of accessing it has soared.

    Appendix: Blackjack time-to-bust methodology

    The following explains how estimated survival times for a given blackjack budget are calculated, using the $500 at a $50 table example (median survival: 2 hours 22 minutes in 2014).

    Step 1: Normalisation. Currency is standardised into Betting Units. $500 / $50 minimum bet = 10 units.

    Step 2: Volatility Index. Standard deviation is defined. A simple coin-flip game has a standard deviation of 1.0; blackjack, with doubling down, splitting and 3:2 naturals, carries an accepted standard deviation of 1.15.

    Step 3: Absorbing Barrier Formula. Median hands to bust is calculated as: n ≈ 1.66 × (betting units)².

    Step 4: Executing the calculation. For 10 units: 10² = 100 × 1.66 = 166 hands to bust.

    Step 5: Translating to casino time. 166 hands / 70 hands per hour = 2.37 hours = 2 hours and 22 minutes. The same formula applied to a $112.17 minimum bet ($500 / $112.17 = ~4.46 units; 4.46² × 1.66 = ~33 hands; 33 / 70 = 0.47 hours = approximately 28 minutes.

The post Las Vegas Inflation Index: Cost of visiting Sin City for one night has more than doubled in the last 12 years appeared first on Americas iGaming & Sports Betting News.

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