Gaming Company Golden Nugget is looking for approval from gaming regulators in New Jersey. The Casino Control Commission is now planning to hold a public hearing next Wednesday on its merger with Landcadia II.

Merger hearing next week

Golden Nugget Online Gaming Inc. recently requested the state of New Jersey to approve its merger with Landcadia Holdings II Inc. Landcadia is a special purpose acquisition company (SPAC) which will allow Golden Nugget to separate its land-based gaming operations from the Golden Nugget Atlantic City online operations. The new online gaming operation will go public and list on NASDAQ. The New Jersey Casino Control Commission will hold a public hearing next Wednesday to decide the fate of the merger.

On June 29, Landcadia II announced the merger, which will create a separate New Jersey online casino for Golden Nugget. This will be the company’s second publicly traded online casino entity. The blank check company will change its name to Golden Nugget Online Gaming Inc. and its trading symbol will be GNOG. The plans are subject to approval from the regulators.

A new beginning for online operations

Tilman Fertitta, the current CEO of Landcadia II will be the CEO, chairman, and major shareholder of the new company. He owns five gaming facilities from Golden Nugget. Thomas Winter, the company’s leader of digital operations since 2013, will be the president of Golden Nugget Online Gaming. Landcadia II also plans to transfer $321 million to Golden Nugget upon merger completion. This will help the gaming operator pay its debts.

Golden Nugget has had a great year with the third quarter online net revenue rising by 92% on a yearly basis and 2% on a quarterly basis. However, its operating revenue fell by $300,000 on a quarterly basis. Between January and October 2020, the firm generated a combined $263 million from its digital and online operations with over $2 billion in bets being placed on its platform.

The firm also plans to launch other online gaming business in the states of Illinois and Michigan.