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Golden Nugget Online Gaming , Inc. Reports Financial Results for the First Quarter Ended March 31 , 2021 Record first quarter revenue , up 54 % over the prior year Successfully launched online casino and online sportsbook in Michigan Secured market access in Colorado and Iowa Exhibit 99.1 Houston ( May 17 , 2021 ) – Golden Nugget Online Gaming , Inc. ( Nasdaq : GNOG ) ( the " Company " ) today reported its financial results for the first quarter ended March 31 , 2021 . First Quarter Highlights Revenue was $ 26.7 million , representing an increase of 54.2 % , compared to $ 17.3 million during the first quarter of 2020 . Net income was $ 69.6 million after gains on warrant derivatives liabilities of $ 81.1 million , a gain on the tax receivable agreement liability of $ 1.3 million and debt extinguishment expenses of $ 2.2 million . Adjusted EBITDA was $ ( 3.5 ) million compared to Adjusted EBITDA of $ 5.9 million for the first quarter of 2020 . The previous full - year revenue outlook range of $ 130 million to $ 145 million is maintained for 2021 . Revenues for the three months ended March 31 , 2021 , totaled $ 26.7 million , as compared to $ 17.3 million for the three months ended March 31 , 2020. Net income was $ 69.6 million , compared to net income of $ 4.2 million in the prior year comparable period . Adjusted EBITDA , as defined below , for the three months ended March 31 , 2021 was $ ( 3.5 ) million compared to $ 5.9 million last year . Results for the first quarter of 2021 reflect non - cash gains on warrant derivative liabilities of $ 81.1 million and a non - cash gain on our tax receivable agreement liability of $ 1.3 million . All of our 10,541,667 public warrants were exercised or redeemed during the quarter . Additionally , first quarter results also reflect interest expense associated with the term loan credit agreement entered into on April 28 , 2020. The Company's results also reflect debt extinguishment costs of $ 2.2 million including the accelerated amortization of deferred loan costs and debt premium totaling $ 0.6 million associated with the early repayment of $ 10.6 million of the term loan during the three months ended March 31 , 2021. Stock - based compensation expenses were $ 2.3 million for the three months ended March 31 , 2021 , when no such costs were recognized in the prior year . President , Thomas Winter remarked " We are very pleased to start 2021 with such strong results across both our established and new expansion markets . We believe we are well positioned to capitalize on the significant and fast growing market for iGaming across North America . We expect that 2021 will be a milestone year for the Company as we are on target to be live in 6 states by the end of the year , including all 4 key iGaming states . ” Chairman and Chief Executive Officer , Tilman Fertitta added " The future is very bright for Golden Nugget Online Gaming as we achieved another record quarter in revenue and with our newly announced partnerships in Colorado and Iowa , we now have market access in 12 states , representing approximately 29 % of the US population . " Business Update Successfully completed our first quarter of operations in Michigan . Secured market access in Colorado with Maverick's Z Casino for online sports and casino , subject to legislation and regulatory approvals . Secured market access in Iowa with the Wild Rose Casino for online sports and casino , subject to legislation and regulatory approvals . Completed exercise and redemption of all public warrants for cash proceeds of $ 110.2 million . Started the 1,800 square feet expansion of our live dealer studio in New Jersey Named to the shortlist of nominees in 5 categories for the EGR North America Awards 2021 : " Casino Operator " , " Mobile Operator " , " Marketing Campaign " , " Customer Service Operator " and " Operator of the Year " . Conference Call Details A conference call for investors will be held Monday , May 17 , 2021 , at 3:30 p.m. Central Time to discuss the Company's first quarter results . To access the conference call , please dial ( 855 ) 908-6093 ( U.S. ) or ( 639 ) 716-2098 ( International ) and reference conference ID 3395274. The conference call will also be webcast live through the Company's Investor Relations website at https://www.gnoginc.com . About GNOG Golden Nugget Online Gaming , Inc. is a leading online gaming company that is considered a market leader by its peers and was first to bring Live Dealer and Live Casino Floor to the United States online gaming market . GNOG was the recipient of 15 eGaming Review North America Awards , including the coveted " Operator of the Year " award in 2017 , 2018 , 2019 and 2020 .