Gaming

Golden Nugget Online Gaming Launching IGT Games in Michigan

Golden Nugget Online

Golden Nugget Online (GNOG) is broadening its content offering in Michigan because it looks to offer players various slot and game portfolios. the web gaming company has confirmed it’ll offer a further 50 games with the mixing of International Game Technology’s (IGT) slot and table games.

The addition of fifty games is Golden Nugget Online’s response to players in Michigan showing strong interest in land-based pedigree games. a number of the games that players will access include the Wheel of Fortune Megaways slot game.

“We still grow our portfolio of content in Michigan, we are excited to expand our games repertoire by launching IGT games within the state. this may broaden our content offering with IGT’s innovative features and instantly recognizable games available to our online patrons,” executive Warren Steven stated.

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The addition will allow the corporate 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 web 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 supported 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 the expected rollout.”

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The analyst features a $28 price target on the stock, implying 115.72% upside potential to current levels. The consensus among analysts may be a Moderate Buy supported 2 Buys. the typical analyst price target of $24 implies 84.90% upside potential to current levels.

GNOG scores 8 out of 10 on TipRanks’ Smart Score scoring system, indicating that the stock has strong potential to outperform market expectations.

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