Golden Nugget makes early move to enter lucrative New York market

Susceptible to approved changes to legislation, Golden Nugget has now reached an agreement with Tioga Downs Racetrack LLP in a bid to steal a march on rival competitors trying to enter what is actually a highly competitive Nyc market in the online gambling industry.

Already, Golden Nugget has witnessed substantial success in the newest Jersey and Pennsylvania markets where online gambling is on the up or over, specially in the latter, where legislation was approved much later.

Additionally , Golden Nugget has additionally launched in Michigan following recent legislative approval and for that reason, the online casino giant is keen to ride the crest of a wave and start to become one of many first major players in the state of New York, which represents mouthwatering possibilities with early market estimations projected to be worth several billion dollars at least.

The deal with Tioga Downs Racetrack isn't any doubt a strategic entry to advertise which may substantially smooth its way in to gaining significant market share in the state.

What are the details of the deal?

There is no doubt, that this is an extremely shrewd commercial deal for Golden Nugget, with a 2-decade arrangement comprehended to have been brokered that'll see the on the web casino behemoth pay Tioga Downs only one from seven casinos in Nyc a fraction of its profit. This will fall into the bracket of royalty deals within the 20-year period. Usage of players in the state of New York will be underneath the Tioga Downs license.

President of Golden Nugget Thomas Winter has highlighted the potential this represents for the company indicating that Ny plays a significant role in its growth strategy along with addressing the excitement that a deal with Tioga Downs represents. He also referred to the potential for further partnership deals in other US states as other markets open up and see New York as a key, influencing element in the company’s ambitious growth plans.

Tioga Downs’ owner Jeff Gural was equally optimistic about the deal, emphasizing that the offer was beneficial for all parties involved in terms of opening other opportunities for turnover, like the state of Nyc it self.

Is Golden Nugget on the brink of something big?

This latest deal for the online casino brand is just the most recent little bit of good news in what is a huge positive couple of years. With substantial market share in Nj-new jersey, Pennsylvania, and now Michigan, it's undeniably a giant in the making which may even hold its against any land based giant such as Caesers trying to catapult its position with acquisitions of major European on the web brand’s assets for the united states market.

The main element for Golden Nugget, especially when it comes to path to entry in New York is timing which partnership deal with Tioga Downs suggests they already have foundations in position which has positioned themselves to essentially hit the ground running, susceptible to legislation being passed. This suggests that this obstacle is only a formality.

Whilst the other states that the casino appears in all represent a decent market size with modest average disposable incomes, Nyc is undoubtedly a whale. The city of Nyc being home to some of the world’s most prestigious investment banks, hedge funds, and law firms, it is essentially a gambler’s paradise, where in fact the availability to gamble on line unlocks potentially 10s of millions for Golden Nugget if indeed they can quickly steal a sizeable market share.