Fertitta has shown from day one that his focus is on his interests, not his shareholders. We already know $150 million is going toward debt repayment. The market has found a new use for SPACs.This is exactly what I don't want to see. With LCA rocketing to $16, the deal now values Golden Nugget Online Gaming around 10x next year's estimated revenues with a market cap around $1.2 billion. The company joins Draftkings as the only other publicly traded online-only casino company in the U.S.Like us on Facebook to see similar storiesLancadia was co-sponsored by Fertitta Entertainment, which owns the Rockets and will retain 52 percent of Golden Nugget stock, and Jefferies.In addition to operations in New Jersey, Golden Nugget plans to expand in Pennsylvania and Michigan in 2021.Please give an overall site rating:The State of New Jersey initially restricted Fertitta's company from including National Basketball Association games, but last September approved NBA bets under the condition wagers excluded Rockets contests. i-Gaming customers are so much more valuable.”Landcadia Golden Nugget Daily Chart The hospitality mogul, owner … Las Vegas and other live gambling areas had begun the reopening process, but the wave of new COVID-19 cases could prompt casino resort operators to rethink their decisions. The data does update after 90 days if no rating change occurs within that time period.That leaves $88 million in cash and $150 million in debt at a ridiculously high interest rate for the new company.If you want to be a glass-half-full kind of person, then call this the most creative spinoff in history. As a result, CZR stock shot up by about 12%.
The transaction is expected to close in the third quarter of this year. Trails. Fertitta Entertainment is owned by Tilman Fertitta.Forward guidance begins to become clearer at July meeting.It's good work, if you can find.Follow Real Money's Wall Street Pros to receive real-time investing alerts© 1996-2020 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281There's no doubt special purpose acquisition companies (SPACs) have been hot.
I think it's fair to say Monday threw me the first major yellow flag of caution outside of price action.This isn't even an Einhorn is Fickle moment. It's in a hot area, so the stock will get play for now, but the companies we discussed here already are hitting the ground running with no debt and hundreds of million in cash, sometimes a billion. $700 iGaming vs. $100 Sports betting.
And that debt will weigh on Golden Nugget Online Gaming's path to profitability given it comes at 14%. Overview. Here is what he has said:Landcadia Golden Nugget will become only the second pure publicly traded online casino company in the US after DraftKings.
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