Golden Nugget Online (GNOG) is broadening its content offering in Michigan as it looks to give players a diverse slot and table game portfolio. The online gaming company has confirmed it will offer an additional 50 games with the integration of International Game Technology’s (IGT) slot and table games.
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The addition of 50 games is Golden Nugget Online’s response to players in Michigan showing strong interest in land-based pedigree games. Some of the games that players will access include the Wheel of Fortune Megaways slot game.
“We continue to grow our portfolio of content in Michigan, we are excited to expand our games repertoire by launching IGT games in the state. This will broaden our content offering with IGT’s innovative features and instantly recognizable games available to our online patrons,” executive Warren Steven stated.
The addition will allow the company to strengthen its online game portfolio in Michigan, following New Jersey’s market strength. (See Golden Nugget Online stock analysis on TipRanks)
In May, Jefferies analyst David Katz reiterated a Buy rating on the stock following impressive first-quarter results. The online gaming company delivered $26.7 million in revenues in-line with consensus estimates of $26.8 million. It also posted a narrower-than-expected adjusted EBITDA loss of $3.5 million compared to the Street’s estimate of $5.2 million.
Katz stated, “We made modest adjustments based on commentaries around revenue cadence and margin. For FY21, our estimates are relatively unchanged at $143.7M for revenue and $22.5M for Adj. EBITDA loss vs. $144.3M and $22.2M of losses prior. We are increasing our FY22 and FY23 revenue estimates slightly to $233.8M and $310.3M, respectively, from $224.3M and $308.2M prior, driven by expected rollout.”
The analyst has a $28 price target on the stock, implying 115.72% upside potential to current levels.
Consensus among analysts is a Moderate Buy based on 2 Buys. The average analyst price target of $24 implies 84.90% upside potential to current levels.
GNOG scores 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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