"We at Jefferies couldn't be more thrilled to partner with Tilman and bring this great opportunity to the public markets."
"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. Upon closing, Landcadia II intends to change its name to Golden Nugget Online Gaming, Inc. The transaction is expected to close in the third quarter of this year. GNOG will become only the second pure publicly traded online casino company in the US. ("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. (NASDAQ: LCA, "Landcadia II") announced today that Landcadia II has entered into a Purchase Agreement to acquire Golden Nugget Online Gaming, Inc. Their story became the basis for The Casino, a television series on Fox that premiered on June 14, 2004.HOUSTON, J/PRNewswire/ - Tilman J. When Poster Financial assumed control of the Golden Nugget, they began to upgrade the gambling operation by installing new cashless slot machines and by increasing the maximum bet available at table games to $15,000. The Golden Nugget was sold in 2003, for $215 million to Poster Financial Group, owned by Timothy Poster and Thomas Breitling. Gaming revenue on Fremont Street had peaked in fiscal year 1993.
Although the Golden Nugget was profitable, it was not part of the master expansion plan of the corporation which was focused on consolidating a long stretch of the Strip by acquiring Mandalay Resort Group, building City Center, and beginning construction in Macau. Jackie Gaughan at one time owned a stake in the hotel as part of his many downtown properties. The Golden Nugget was originally built in 1946, making it one of the oldest casinos in the city. The property is owned and operated by Landry’s, Inc. The Golden Nugget Las Vegas is a luxury hotel and casino located in downtown Las Vegas, Nevada on the Fremont Street Experience.
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