BetMGM and Golden Nugget set to join PA online casino market

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Ducks line up for late entries into the Pennsylvania Online Casino compete through the latest available slots in the hot keystone state market.

For instance, Gold nugget, the leading online casino site in neighboring New Jersey, plans to enter Pennsylvania and Michigan as well. But first, he has to take care of some internal business – namely, a spin-off to list on Nasdaq. More to come.

Likewise, MGM tidies up his house before moving to activate his license online, possibly as soon as 5 Augustthe date of the next meeting of the Pennsylvania Gaming Control Board (PGCB).

Golden Nugget and MGM just two QGEs approved in PA

A qualified gaming entity (QGE) is a gaming company licensed in a state other than PA. These companies were eligible to apply for the remaining online licenses after PA-based entities had the first crack.

The only two QGE candidates in PA, both approved by the PGCB in January 2019, are MGM and Golden Nugget. Since then, they have been stuck in a waiting pattern, but have not yet obtained final approvals to operate.

MGM paid $12 million in October 2019 to be able to offer the three verticals online: board games, slits and online poker.

Golden Nugget only wants table games and slots in PA. It paid off $4 million for each license for a total of $8 million. QGEs cannot enter the Sports betting PA market.

BetMGM Casino and partypoker PA will operate under the ROAR umbrella

MGM recently paid $87,000 in fines and costs to PGCB to correct its unjustified employment of a former state game employee. The employee had not completed the required two years before joining MGM, as required by state law.

The company my culpa by MGM paves the way for its consideration as QGE.

MGM is BetMGM onlineand the company operates in partnership with online gaming giant GVC Holdings. Their online gaming collaborations are collectively known as ROAR Digital. ROAR operates partypoker in New Jersey and will do the same with partypoker sound system.

Partypoker, if allowed to operate in Pennsylvania at the next PGCB meeting, will become only the second online poker site in the Keystone State. PokerStars PA has enjoyed a monopoly in Pennsylvania’s fertile poker market since November 2019, but competition is on the way.

WSOP.com should also be launched in PA in the near future, in partnership with Harrah’s Philadelphia.

Golden Nugget plans online stock market spin-off

Prior to the PA license, Golden Nugget plans to spin off its online gambling arm and list it on Nasdaq. The estimated valuation is $745 million under the name of the possible ticker GNOG.

Billionaire Tilman Fertitta will remain as Chairman and CEO of GNOG. Thomas Winter, who has overseen Golden Nugget’s online gaming business since its launch, will become GNOG’s chairman. Fertitta will hold a majority economic stake and a majority voting stake in the new company.

The transaction is expected to close in the third quarter of this year, making it the second purely public online casino company in the United States after GAN. For now, the Golden Nugget online game stock is listed as LCAfor Landcadia Holdings II, the Special Purpose Acquisition Company (SPAC) acquiring online casino Golden Nugget (similar to how DraftKings became public). LCA is managed by Fertitta, as pointed out The motley fool.

Cordish and Wind Creek are also planning online casinos

The only additional online casino licensees that have not yet launched are the Cordish companies. Live! Casino mark and Wind Creek Casino.

Live! has properties under construction at philadelphia cream and a suburb of Pittsburgh. And Cord recently expressed interest in bidding on a new mini-casino license available for auction by the PGCB in September. Live! can apply for online sports betting and online casino (slots and table games) when ready.

Wind Creek recently received conditional approval to offer live, online sports betting in partnership with Betfred. At the same PGCB meeting, he announced his plans to launch online slots and table games soon as well. There was no mention of poker, although Wind Creek also had a preliminary license for online poker.

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