Golden Nugget reports H1 results showing 224% revenue rise for Q2

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    Golden Nugget reports H1 results showing 224% revenue rise for Q2

    Golden Nugget, the casino, restaurant and hospitality operator, has reported its financial results for the second quarter and first half of 2021. 

    The company’s Q2 net revenue saw an increase of 224% year-on-year, to the amount of $934.5m. Its net income for the second quarter was $144.3m, compared to a net loss of $152.7m in the prior-year period.

    Adjusted EBITDA for the second quarter was $283.7m, compared to a loss of $26.1m in the prior-year period.

    Net income gains (for the second quarter of 2021) on disposal assets associated with Hurricane Laura for the values of $19.9m, compared to a loss of $3.4m for Q2 2020, were both excluded from adjusted EBITDA.

    Golden Nugget’s revenue for the first half of 2021 increased 50% to $1.58bn. Net income for the first half of 2021 was $158.5m, compared to a net loss of $184.3m during the prior-year period; and $418.7m for the first half of 2021 compared to $47.5m in the prior-year period.

    Net income (for the first half of 2021) includes a gain on disposal of assets of $21.6m, in comparison to a gain of $5m the year prior; both values are excluded from adjusted EBITDA.

    Chairman and CEO Tilman Fertitta said: «We continue to perform at a very high level and are very pleased with the second quarter results.

    «We expect to deliver at least $800m in adjusted EBTIDA for the year. I look forward to completing the merger with Fast Acquisition Corp following receipt of regulatory approvals.»

    Golden Nugget Online Gaming separately reported its H1 results recently, having also agreed to be acquired by DraftKings. Both stories were covered in our GI Friday roundup last week.