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Sports betting site DraftKings Inc. is buying online gaming subsidiary of Golden Nugget Inc. in a stock market transaction valued at $ 1.56 billion, the two companies said on Monday.
Acquisition of Golden Nugget Online Gaming gives Boston-based DraftKings a well-known brand in the casino and gambling world, and adds more than 5 million customers to DraftKings iGaming accounts, according to a company statement .
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| DKNG | DRAWINGS | 52.36 | +0.77 | +1.49% |
| GNOG | GOLDEN NUGGET ONLINE GAME | 18.50 | +6.23 | + 50.77% |
DRAFTKINGS RECOGNIZES HINDENBURG’S ALLEGATIONS
“Our acquisition of Golden Nugget Online Gaming, a brand synonymous with iGaming and entertainment, will enhance our ability to instantly reach a larger consumer base,” said Jason Robins, CEO and Chairman of the Board of DraftKings.
Tilman Fertitta, the billionaire and CEO of Golden Nugget Online Gaming based in Houston, also owns the NBA Houston Rockets, Landry’s restaurants and Golden Nugget casinos in Las Vegas and Atlantic City, New Jersey.
He highlighted the promotional and marketing benefits for the two listed companies.
Sports betting site DraftKings Inc. is buying online gaming subsidiary of Golden Nugget Inc. in a stock market transaction valued at $ 1.56 billion, the two companies said on Monday. (AP Photo / Charles Krupa, Dossier / AP Newsroom)
“This transaction will add great shareholder value as two market leaders merge to become a leading global player in digital sports, entertainment and online games,” Fertitta said in the statement.
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Golden Nugget Online shares traded up nearly 51% on announcement of the acquisition, closing at $ 18.50.
DraftKings shares rose 1.49% to close at $ 52.36.
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