Golden Nugget Online Gaming (GNOC) announced today that it has entered into a definitive agreement with Danville Development for market access to the state of Illinois for online sports wagering and igaming (when legalized).
According to the agreement, Golden Nugget will enter into a joint venture agreement with Wilmot Gaming Illinois to build a new casino in Danville, Illinois, pending obtaining all regulatory approvals. The casino, when opened, will be branded Golden Nugget and feature a Landry’s restaurant steakhouse. Danville Development is a joint venture between Wilmot and GN Danville, LLC, a wholly owned subsidiary of Golden Nugget.
Under the agreement, GNOG holds the exclusive right to offer online sports wagering and, if permitted by law in the future, online casino wagering. In addition, GNOG has committed to provide a mezzanine loan in the amount of $30 million to Danville Development for the development and construction of the casino. GNOG’s market access agreement is for a term of 20 years and requires GNOG to pay Danville Development a percentage of its online net gaming revenue, subject to minimum royalty payments over the term.
“The Golden Nugget is a nationally recognized brand and strengthens the submission, provides additional opportunities, and upgrades the overall project,” said James A. Wilmot, Vice President of Wilmot.
“This is Golden Nugget’s first joint venture on a casino project, and we are honored to be the one selected amongst numerous bidders for this opportunity by the Wilmot family after a highly competitive process,” said Tilman J. Fertitta, owner and CEO of Golden Nugget and GNOG.
