Golden Nugget Online Gaming call volume above normal and directionally bullish » 13:2503/0103/01/21
Bullish option flow…
Bullish option flow detected in Golden Nugget Online Gaming with 5,936 calls trading, 1.1x expected, and implied vol increasing almost 2 points to 106.09%. May-21 20 calls and Mar-21 15 calls are the most active options, with total volume in those strikes near 1,800 contracts. The Put/Call Ratio is 0.10.
|Over a week ago|
Golden Nugget Online signs New York market access deal with Tioga Downs » 07:0802/2402/24/21
Golden Nugget Online…
Golden Nugget Online entered into a definitive agreement with Tioga Downs for future online gaming market access in the state of New York, subject to legislation, regulatory approval, license eligibility and availability. This agreement gives GNOG market access to the state of New York for online casino wagering under a Tioga Downs' license, regulations permitting. As part of the 20-year agreement, GNOG will pay Tioga Downs, one of seven commercial and tribal casinos in the state, a percentage of its net gaming revenue, which will be subject to minimum royalty payments for the duration of the term. GNOG believes that the New York online casino market could reach $2B Gross Gaming Revenue at maturity.
Largest borrow rate increases among liquid names » 08:4502/2202/22/21
TPGY, INMD, FTI, TTNP, GNOG, LYG, SNPR, TSCO, ERJ
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: TPG Pace Beneficial Finance (TPGY) 15.37% +2.67, InMode (INMD) 2.69% +1.42, FMC Technologies (FTI) 3.25% +1.10, Titan Pharmaceuticals (TTNP) 28.68% +1.09, Advisorshares Pure Cannabis (YOLO) 11.30% +0.66, Golden Nugget Online Gaming (GNOG) 2.49% +0.65, Lloyds Banking (LYG) 1.97% +0.57, Tortoise Acquisition Corp II (SNPR) 6.79% +0.51, Tractor Supply (TSCO) 0.76% +0.51, and Embraer (ERJ) 0.85% +0.44.
|Over a month ago|
Tilman Fertitta enters deal to take Golden Nugget/Landry's Public » 07:0602/0102/01/21
Fertitta Entertainment and FAST Acquisition Corp. (FST) announced that they have entered into a definitive merger agreement that will result in Fertitta Entertainment becoming a publicly listed company. Tilman Fertitta, sole owner of Fertitta, will continue to lead the Golden Nugget/Landry's empire and serve as the Chairman, President and CEO of the company. Fertitta will also be the company's largest shareholder with an approximately 60% interest in the company and stock valued upon the closing of the transaction in excess of $2B dollars. No other changes to management are anticipated as the existing Golden Nugget/Landry's management team will continue to lead the company. In addition, the transaction will include voting control and ownership by the company of approximately 31M shares or nearly half of all outstanding shares in Golden Nugget Online Gaming (GNOG). The transaction implies an enterprise valuation for Golden Nugget/Landry's of approximately $6.6B, or 9.25x projected 2022 pro forma Adjusted EBITDA of $648 million, including the value of the GNOG equity to be contributed to the Company, based on an assumed per share trading price of approximately $18 for GNOG shares, which will be subject to adjustment based on the 60 day average price of the stock before closing. Estimated cash proceeds from the transaction are expected to consist of FAST's $200M of cash in trust, assuming no redemptions. In addition, institutional shareholders have committed to invest approximately $1.2B in the form of a PIPE at a price of $10.00 per share of common stock of FAST immediately prior to the closing of the transaction. The company expects to use the proceeds from the transaction to accelerate the company's growth initiatives, general corporate purposes and reduce existing debt. In connection with the merger, the parties will undertake certain reorganizational transactions to exclude from the public company certain businesses and assets that Tilman will continue to wholly own on a private basis. The FAST sponsors and members of its board of directors and management team have agreed to a lock-up period of up to one year following the closing, subject to certain permitted transfers and a potential early release as early as approximately 180 days after Closing if certain trading price targets are met. Upon the Closing, and assuming none of FAST's public stockholders elect to redeem their shares, Tilman Fertitta is expected to own close to 60% of the company, the FAST sponsors are expected to own 1% of the company, PIPE participants are expected to own 35% of the company, and the remaining public stockholders are expected to own 4% of the company. The boards of directors of each of FAST and Fertitta have unanimously approved the transaction. The transaction will require the approval of the stockholders of FAST and is subject to other customary closing conditions, including the receipt of certain regulatory and gaming approvals. The transaction is expected to close in the second quarter.
Tilman Fertitta enters deal to take Golden Nugget/Landry's Public 07:0202/0102/01/21
Largest borrow rate increases among liquid names » 08:4501/2601/26/21
VIH, BNGO, NNOX, CBAT, SOLO, GNOG, RSI, AUY, BTBT
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: VPC Impact Acquisition Holdings (VIH) 28.80% +9.11, Bionano Genomics (BNGO) 17.42% +1.84, Nano X Imaging (NNOX) 73.18% +1.16, CBAK Energy Technology (CBAT) 64.64% +0.51, Direxion S&P Biotech Bull 3X (LABU) 3.11% +0.45, Electrameccanica Vehicles Corp (SOLO) 17.95% +0.37, Golden Nugget Online Gaming (GNOG) 3.95% +0.35, Rush Street Interactive (RSI) 2.50% +0.34, Yamana Gold (AUY) 0.71% +0.33, and Bit Digital (BTBT) 45.35% +0.29.
Golden Nugget files to sell 42.6M shares of Class A common stock for holders 17:3301/2201/22/21
Golden Nugget Online files to sell 16.425M shares of Class A common stock 17:3201/2201/22/21
Golden Nugget Online launching online casino and sports betting in Michigan » 07:0501/2101/21/21
Golden Nugget Online has…
Golden Nugget Online has received authorization from the Michigan Gaming Control Board to start offering its Online Casino and Sportsbook January 22nd. The online casino and sportsbook will be available at GoldenNuggetCasino.com and via Android and iOS applications. Golden Nugget will offer its product through its partnership with the Ojibwa Casino & the Keweenaw Bay Indian Community. Golden Nugget will also launch a new version of its online sportsbook. Pre-game and live betting will be offered across all American sports leagues and a selection of international sports.
Largest borrow rate increases among liquid names » 08:4501/1901/19/21
GME, WBAI, BNTX, GNOG, PLG, CVM, VUZI, IDEX, EOSE, WISH
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: GameStop (GME) 54.15% +23.38, 500.com (WBAI) 236.19% +14.67, BioNTech SE (BNTX) 28.64% +10.50, (GNOG) 10.42% +7.63, Platinum Group (PLG) 40.92% +6.84, Cel Sci (CVM) 71.20% +6.17, Vuzix (VUZI) 48.96% +4.89, Ideanomics (IDEX) 24.77% +3.71, B Riley Principal Merger Corp II (EOSE) 33.59% +3.68, and ContextLogic (WISH) 14.48% +3.51.