Why Golden Nugget Online Gaming’s Shares Plunged 12.6% Today

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Shares of Golden Nugget Online Gaming (NASDAQ: GNOG) fell as much as 12.6% in trading on Wednesday after announcing fourth-quarter 2020 financial results. At 3:30 p.m. EDT shares were down 12.2% and look to close near their lows for the day. 

In the quarter, Golden Nugget Online Gaming reported a 48% increase in revenue to $23.0 million and $6.2 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). Net loss was $42.8 million in the quarter, but that’s to be expected with the high cost of completing its special purpose acquisition company (SPAC) merger.

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