DraftKings buy of Golden Nugget Online Gaming nears completion – The Nevada Independent

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Sports betting big DraftKings expects to shut its $1.56 billion acquisition of Tilman Fertitta’s Golden Nugget Online Gaming by the top of subsequent month, however it’s unclear when the corporate will function retail and on-line sportsbooks in Nevada.

In a submitting with the Securities and Exchange Commission on Friday, DraftKings stated the businesses “continue to pursue the remaining gaming regulatory approvals necessary” to finish the transaction, which was introduced last August.

DraftKings expects the all-stock transaction to be finalized by May 31.

The transaction features a industrial settlement with Fertitta Entertainment, the Texas billionaire’s holding firm that controls companies throughout gaming, lodging, eating and leisure sectors, together with the Golden Nugget casinos in downtown Las Vegas, Laughlin and three different states.

Fertitta owns 46 p.c of Golden Nugget Online Gaming and can be part of the DraftKings board as soon as the deal closes. Fertitta is a cousin of Red Rock Resorts CEO Frank Fertitta III and Vice Chairman Lorenzo Fertitta and isn’t concerned within the firm that controls gaming operator Station Casinos.  

DraftKings has grown up to now 4 years from a every day fantasy sports activities supplier right into a sports activities betting big working retail and on-line sportsbooks in 17 of the 20 states with authorized sports activities betting.

The firm is taken into account both the No. 1 or No. 2 sports activities betting supplier in these markets.

One of the advantages DraftKings cited in the course of the announcement was the rebranding of retail sportsbooks beneath the DraftKings title “at current and future Golden Nugget casinos.”

The Nevada Gaming Control Board confirmed that Boston-based DraftKings has an utility on file for licensing.

“The DraftKings application is still in process,” Michael Lawton, the company’s senior financial analyst, stated in an e-mail. “The Nevada Gaming Control Board does not anticipate that it will be on the May agenda and the board will hear it at a later date, but only when the investigation is complete.”

Because neither DraftKings nor Golden Nugget Online Gaming is licensed in Nevada, approval from state gaming regulators shouldn’t be required.

A DraftKings spokesman didn’t reply to an e-mail requesting remark.

A rendering of the sports activities oddsmaking and merchants space inside DraftKings’ deliberate 90,000-square-foot headquarters in Las Vegas. (Courtesy photograph)

In October, DraftKings introduced it was taking 90,000 sq. ft of workplace house contained in the UnCommons advanced in southwest Las Vegas to create a “technology hub” that can make use of greater than 1,000 employees. 

The house would be the firm’s second-largest behind its company headquarters in Boston. At the time, DraftKings North America President Matt Kalish stated the Las Vegas growth “exemplifies” the company’s “investment in its employees and the future of the company, as well as the local community.” The location is predicted to open within the subsequent few months.

UnCommons is situated simply south of the 215 Beltway off Durango Avenue. DraftKings stated its Las Vegas presence has grown 400 p.c since its first workplace opening in January 2020 on the Town Square advanced on the south finish of Las Vegas Boulevard.

On Monday, DraftKings introduced it was one in every of six corporations planning to launch regulated sports activities betting operations in Ontario, Canada, which is the primary province to legalize single-game sports activities wagers. The firm additionally stated it was constructing a sportsbook at Mashantucket Pequot Tribal Nation’s Foxwoods El San Juan Casino in Puerto Rico, increasing its present relationship with the Connecticut tribe.

The information helped increase DraftKings’ inventory worth by greater than 7 p.c on the Nasdaq Monday. The firm’s shares had fallen greater than 20 p.c because the begin of the yr.


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