Golden Nugget Online Gaming, Inc. announced its entry into the lucrative Illinois gambling market today. The firm has entered into a definitive agreement for iGaming and online sports wagering with Danville Development, LLC.

New joint venture agreement

Golden Nugget and Wilmot Gaming Illinois, LLC will enter a joint venture to build a new Danville casino, pending regulatory approvals. The casino will be branded with the Golden Nugget name and will feature a Landry’s restaurant steakhouse. Danville Development is also a joint venture between a wholly-owned subsidiary of Golden Nugget- GN Danville and Wilmot.

Under the agreement, Golden Nugget Online Gaming will hold the exclusive right to offer online sports wagering. In the future, it will also get to offer online casino wagering if allowed by the law. It has also committed to providing a mezzanine loan of $30 million to Danville Development for constructing and developing the casino. Golden Nugget Online Gaming will pay Danville Development an undisclosed percentage of its online net gaming revenue, subject to minimum royalty payments. The agreement will provide Golden Nugget Online Gaming market access for 20 years.

Looking forward to the future

Wilmot vice president James A. Wilmot said that the firm is excited to partner with Golden Nugget, a nationally recognized brand. He said that it provides them additional opportunities and improves the project. He acknowledged the support of the Mayor of Danville and the City Council on behalf of the Wilmot family.

Tilman J. Fertitta, Golden Nugget and Golden Nugget Online Gaming CEO, commented on the partnership and said,

“This is Golden Nugget’s first joint venture on a casino project, and we are honored to be the one selected amongst numerous bidders for this opportunity by the Wilmot family after a highly competitive process.  Having the ability to grow the Golden Nugget brand in Illinois in both the online and land-based markets is an exciting opportunity.”

Golden Nugget Online Gaming’s president Thomas Winter said that the firm is thrilled to gain access to Illinois, which is the largest state in the US to have regulated mobile wagering.