Golden Nugget Online Gaming Launches Online Gaming Portfolio in Michigan
Gold Nugget Online (GNOG) is expanding its content offering in Michigan as it seeks to provide players with a diverse portfolio of slots and table games. The online gaming company has confirmed that it will offer an additional 50 games with the integration of slots and table games from International Game Technology (IGT).
The addition of 50 games is Golden Nugget Online’s response to Michigan gamers showing a keen interest in ground race games. Some of the games players will have access to include the Wheel of Fortune Megaways slot machine game.
“We continue to grow our content portfolio in Michigan, we are excited to expand our game repertoire by launching IGT games in the state. This will expand our content offering with the innovative features of IGT and the instantly recognizable games available to our customers online, ”said Director Warren Steven said.
This addition will allow the company to strengthen its online gaming portfolio in Michigan, following the strength of the New Jersey market. (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 games company generated $ 26.7 million in online revenue with consensus estimates of $ 26.8 million. It also posted a lower than expected Adjusted EBITDA loss of $ 3.5 million compared to Street’s estimate of $ 5.2 million.
Katz said, “We made modest adjustments based on feedback regarding revenue cadence and margin. slightly increase our revenue estimates for fiscal 22 and 23 to $ 233.8 million and $ 310.3 million, respectively, from $ 224.3 million and $ 308.2 million previously, due to the planned deployment .
The analyst has a target price of $ 28 on the stock, implying a potential upside of 115.72% from current levels.
The consensus among analysts is a moderate buy based on 2 buys. The average analyst price target of $ 24 implies an upside potential of 84.90% from 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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