Golden Nugget Online Gaming Inc
Golden Nugget Online Gaming — Q1 2021 Earnings Presentation
15 slides from Golden Nugget Online Gaming's earnings presentation, May 17, 2021
Slide 1: Q1 2021 Earnings Presentation
Q1 2021 Earnings Presentation May 17th, 2021
Slide 2: Disclaimer: Forward-Looking Statements
DISCLAIMER 2 Forward - Looking Statements This presentation contains forward - looking statements within the meaning of Section 27A of the Securities Act of 1933, as amende d, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, about us and
Slide 3: GNOG Highlights
GNOG HIGHLIGHTS 3 Delivered $26.7M Revenue in Q1 2021, representing a 54% growth over Q1 2020. Successfully launched online operations in Michigan, steadily increasing revenue in the state. Market access agreements growing to 12 states, now including Colorado and Iowa, and covering ~29% of U.S. popu
Slide 4: Q1 Performance: Accelerating Revenue Growth
$9.8M $12.5M $17.3M $26.7M 4 Q1 PERFORMANCE 1 ST QUARTER 2021 HIGHLIGHTS ACCELERATING REVENUE GROWTH Q1 2020 Q1 2021 • 54% growth in revenue 1 Q1 2021 over Q1 2020. • Sizeable investments in player acquisition in Michigan leading to continued growth of revenue and market share. • Preparing to enter
Slide 5: Q1 2021 Key Performance Indicators
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 1. Players who deposited for the first time and subsequently placed a wager within the defined period. 2. Players acquired i n p rior periods who made a deposit and placed a wager during the current period. 3. Monthly average number of players who deposited an
Slide 6: Continued Market Access Expansion
CONTINUED MARKET ACCESS EXPANSION 6 GNOG NOW HAS POTENTIAL MARKET ACCESS IN 12 STATES 1. Casino only. 2. Untethered sports license. 3. Source: U.S. Census Bureau. U.S. population. EXISTING MARKET ACCESS NEW MARKET ACCESS COVERING 29% 3 OF U.S. POPULATION IOWA COLORADO GNOG OSB & iGaming Market Acces
Slide 7: Market Comparison: Online Casino vs Online Sports Betting Revenues
MARKET COMPARISON 7 ONLINE CASINO REVENUES 1 IN 5 STATES MATCH ONLINE SPORTS BETTING IN 15 STATES 1. Source: Eilers & Krejcik . 2. Source: Eilers & Krejcik ; includes District of Columbia. $183M $68M $258M $641M $785M $230M $426M $461M $543 $813M Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 # States Live
Slide 8: Key iGaming States
KEY iGAMING STATES 8 1. Aggregation of New Jersey, Michigan, Pennsylvania and West Virginia; Source: Eilers & Krejcik . 2. Source: Eilers & Krejcik . MI iCasino GGR is net of estimated poker GGR. PA iCasino GGR includes an estimate of table game GGR. $811M 70% $348M 30% 4 States 1 Q1 2021 iCasino OS
Slide 9: New State Expansion Plan
NEW STATE EXPANSION PLAN 9 PLANNING TO GO LIVE IN 7 ADDITIONAL STATES IN THE NEXT 12 MONTHS 1. Pending legislation and regulatory approvals, for iGaming and/or online sports betting. • Market access already secured in 12 states, active discussions in additional states. • Nevada regulators considerin
Slide 10: Steady Growth in a New and Large Market: Michigan Launch
10 STEADY GROWTH IN A NEW AND LARGE MARKET MICHIGAN LAUNCH • MI First Time Depositor gross monthly ARPU 2 is only 8% lower than NJ (Feb – Apr) – a positive trend considering MI household income is ~30% lower than NJ 3 . • Third full month iGaming GGR of $3.9M. Matches GGR achieved in month 52 in New
Slide 11: 2021 Product Roadmap
11 2021 PRODUCT ROADMAP • Michigan: Live Dealer launch with Evolution Gaming. (Q2) • Michigan: Launching 100+ new games from new content providers including Evolution Gaming, IGT, AGS, Inspired Gaming and Spin Games. (Q2) • New Jersey: Building an 1,800 square feet expansion of our live dealer studi
Slide 12: Financial Results
FINANCIAL RESULTS 12 $26.7M Revenues in Q1 2021, +54% over Q1 2020 Public warrants exercised for $110M Cash on hand of $154M at the end of Q1 ($3.5M) Adj. EBITDA in Q1 2021
Slide 13: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON - GAAP MEASURES 13 ($ in millions) 2016 2017 2018 2019 2020 Q1 '20 Q1 '21 Net Income (loss) 1.6$ 4.5$ 7.2$ 11.7$ (31.7)$ 4.2$ 69.6$ Plus: Provision for income taxes - 0.5 4.7 6 -7.7 1.7 (0.5) Plus: Interest expense, net 0.1 0.1 - - 38.5 0.0 5.7 Plus: Depreciation and amortizati
Slide 14: Definitions
14 DEFINITIONS Gross Gaming Revenue (GGR): Gross dollar value of all wagers less player wins. Gross Average Revenue Per User: Gross Gaming Revenue divided by the number of active depositing players over a period. Returning Active Depositors : Players acquired in prior periods who made a deposit and
Slide 15: Slide 15
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