Stock Prices Rise For Online Golden Nugget Casino In The First Day
- Stock prices for Golden Nugget Online rise to 14.2% in the first day of trading.
- The CEO of the company also owns the Houston Rockets which is why the site will stop gamblers from betting on Rocket games.
- The online casino is only offered in NJ currently but looks to be in Pennsylvania and Michigan next year.
NEWARK, N.J. - Investors are excited for the future of an online sports betting and gambling platform as share prices soared in its first day going public.
Online casino Golden Nugget started trading on Nasdaq on Thursday and its stock prices have already risen to 14.2%.
DraftKings, who previously was the only publicly traded solely online US casino, now has a new rival in the Golden Nugget joining the ranks.
$LCA Golden Nugget will end up being one of the biggest gambling stocks of all-time... pic.twitter.com/uow3kqFyfE
— Golden Cross Stocks - Getting In Early Is The Key! (@CrossStocks) July 10, 2020
The company is currently valued at $745 million and The DraftKings current market is sitting at $11.5 billion. The Golden Nugget official stock’s name is still listed as Landcadia Holding and is owned by the Tilman Fertitta company that purchased it.
Fertitta will continue as the CEO of Golden Nugget Online while still owning the Houston Rockets. This limits Golden Nugget gamblers from betting on any Rocket games.
The State of New Jersey originally had restrictions on the company from offering National Basketball Association games, but all other NBA bets were approved last September.
It is was not allowed for owners of any sports teams to offer legal gambling services for the professional teams that they own.
Though the betting platform is only operating in New Jersey at this time, the plan is to bring Golden Nugget online to Pennsylvania and Michigan in 2021.