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Tag: Golden Nugget

  • FAST Acquisition Corp. (FST) Stock Surges Ahead of Amendment to Merger Agreement with Fertitta

    FAST Acquisition Corp. (FST) stock prices surged by 16.51% shortly after market trading commenced on July 1st, 2021, bringing the price per share up to USD$13.76 early on in the trading day.

    Merger with Fertitta

    June 30th, 2021 saw the company announced an amendment to their previously announced Agreement and Plan of Merger with Fertitta, which the companies entered into February 1st, 2021. As per the agreement, FST will contribute certain operating businesses, for no additional debt, that were not originally included as part of the business combination with FST. The amendment will see the addition of 42 incremental, high-quality business assets.

    About Fertitta

    The revised transaction will result in Fertitta Entertainment becoming one of the largest publicly traded hospitality companies with 5 land-based casinos, as well as significant ownership of Golden Nugget Online Gaming, Inc. The company also has more than 500 restaurants, amusements, hotels, entertainment venues, and other business units spread out across 38 U.S. states, Puerto Rico, Hong Kong, China, Mexico, Singapore, as well as several licensed restaurants throughout the world.

    Financial Reports

    The company also announced preliminary pro forma financial results for the quarter ended June 30th, 2021. Revenues for the quarter are forecasted to be in the range of USD$917 million to USD$920 million, while adjusted EBITDA is expected to be between USD$270 million and USD$275 million. Full-year 2021 pro forma adjusted EBITDA is expected to be greater than USD$800 million

    Agreement Amendments

    The amendment to the transaction includes an enterprise valuation for Golden Nugget/Landry’s in the amount of almost USD$8.6 billion. This enterprise value is inclusive of the value of the GNOG equity that is expected to be contributed to the company, with the trading price of each share assumed to be roughly USD$13.00 for each GNOG share. This price will be subject to adjustment based on the closing price average for the past 60 days. Cash proceeds from the transaction are forecasted to be comprised of FST’s USD$200 million of cash in trust. Furthermore, shareholders will invest USD$1.24 billion in the form of a PIPE at a price of USD$10.00 per share of common stock.

    Future Outlook for FST

    Armed with an expansion of the partnership with Fertitta, FST is poised to capitalize on the additional opportunities that now lay before it. The company is keen to continue its trajectory of success and usher in unprecedented growth over the long term.

  • The 3 Best Gambling Stocks to Buy Anytime Soon

    The 3 Best Gambling Stocks to Buy Anytime Soon

    The gambling stocks that will be the future winners.

    The gambling industry after a fearful 2020 is expected to get back this year. But this time, it will be digital—with gambling moving to online mode. In 2020, a major step was taken to legalize online gambling. This is a big move because we will see more industries going to a digital network—in the future.

    The pandemic has fired businesses to turn their operations online. Speaking of gambling, it’s been front and center on many trader’s radars. Especially, the sports betting stocks will be at the forefront this year.

    Moreover, the gambling resorts are expected to resume at an accelerated pace by the end of 2021. People would want to spend more time away from home once things normalize. And, the gambling resorts attract thousands of visitors.

    So, we have some notable stocks with high upside potential as we head forward in this year. Let’s have a look at the three best gambling stocks for investment in 2021.

    DraftKings (DKNG)

    The online sports betting platform, DraftKings (DKNG) is good to go with Google’s latest policy. According to Reuters, the internet giant’s policy changes will allow companies to place gambling apps—including the sports betting apps—on the Google Play store. 

    DraftKings has highlighted that it will immediately launch its app on Google Play as soon as Google implements the new rule. This will be a big achievement for the company as the online ecosystem through Google’s policy change will bring more audience.

    Furthermore, a financial analysis firm Bernstein has given DKNG stock a price target of $71, which is almost 34% higher compared to the stock’s closing price on Thursday. Bernstein’s research highlights the future of DraftKings and the online sports betting market in the US—in general. The digital sports betting industry is expected to reach $25 billion by 2025 and $30 million in the next decade.

    So, DraftKings (DKNG) is one of the prominent stocks from this industry to bet on.

    Bally’s Corp. (BALY)

    Bally’s Corp. (BALY) shares have steadily powered up since the massive drop in March 2020. Especially, the stock made a big move in mid-Nov after which it has sustained the bullish trend.

    Bally is one of those firms that is poised to grow with the full resuming of gambling activities. The company was quick to act and acquired several properties at reasonable prices—during the pandemic time. This was a big win for the company as it got hands on the Bally’s casino brand.

    The company is taking this period to expand its portfolio. In an announcement on Jan. 25, the company reported that it is signing a merger agreement to acquire Monkey Knife Fight (MKF). Monkey Knife is a fast-growing gaming platform and also the third-biggest daily fantasy sports in North America.

    So, Bally’s Corp. (BALY) is ready to pull all strings in its favor and attract more visitors to its platform through new channels.

    Golden Nugget (GNOG)

    Golden Nugget (GNOG) is an online gaming company that has seen growth in the past few months. GNOG is the second online gaming casino that has gone public after DraftKings.

    Analysts see Golden shares in the high bullish territory in the near future. They believe that the GNOG shares are at a reasonable price compared to other online gambling giants—the likes of DraftKings. Moreover, considering the growing marketplace for the online gambling industry, Golden Nugget is a potential bet that would be worth investing in.

    The company has yet to make an impact in the evolving online gambling industry. Recently, the company received authorization to begin offering its Online Casino and Sportsbook. The approval came from the Michigan Gaming Control Board (MGCB). Golden Nugget’s online casino and sportsbook will be able to users at GoldenNuggetCasino.com and through its iOS and Android apps.

    So, Golden Nugget (GNOG) is another gambling stock with massive potential in the market.