Golden Nugget Lake Charles Opening New DraftKings Sportsbook

Posted on: August 29, 2022, 02:56h. 

Last updated on: August 29, 2022, 04:56h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

DraftKings is getting a permanent retail sportsbook location at the Golden Nugget Lake Charles. That’s slated to open on Thursday, September 1.

Golden Nugget
The Golden Nugget Casino in Lake Charles, La. DraftKings is getting a permanent sportsbook there. (Image: KHOU)

The new sportsbook, which will be the largest in Louisiana, replaces a temporary venue rolled out at the casino-hotel last November.

The retail DraftKings Sportsbook will offer a premier sports betting experience across more than 12,000 square feet, including over 3,200 square feet of LED TV screens to enjoy live games; approximately 300 lounge seats including VIP areas for comfortable viewing,” according to a statement issued by DraftKings and Golden Nugget.

The new DraftKings sportsbook at Golden Nugget Lake Charles will also feature five ticket windows, three blackjack tables, and 16 video poker machines. There will also be 30 self-service sports wagering kiosks spread throughout the property.

DraftKings/Golden Nugget Relationship

The partnership between DraftKings and Golden Nugget land-based casinos comes by way of the sportsbook operator acquiring Tilman Fertitta’s Golden Nugget Online Gaming (GNOG) — a transaction that was completed in May.

DraftKings announced a $1.56 billion all-stock offer for GNOG last August, when the target was trading at around $12. The target’s shares nearly doubled over the next several weeks. But the wind came out of the sales of online casinos and sports betting equities soon thereafter, sparking concern over the fate of the deal. Underscoring the lengthy weakness for digital gaming stocks, GNOG shares closed at $5.78 on May 4, the stock’s final trading day.

In addition to the Lake Charles property, Fertitta’s Golden Nugget owns four other brick-and-mortar casinos — one in Atlantic City, NJ, one in Las Vegas, one in Laughlin, Nevada, and another in Biloxi, Miss. The operator is in the process of acquiring a Colorado casino and is building a new gaming venue in Illinois.

There’s some chatter that DraftKings’ acquisition of GNOG could lead to the buyer’s name eventually being applied to Golden Nugget sportsbooks in Las Vegas and Laughlin. That could be potentially paving the way for the company to enter Nevada.

Louisiana Allure

Louisiana is a competitive and deep sports wagering market that rapidly climbed the ranks in terms of handle and revenue following legalization. And that was without the benefit of the 2021 football season.

This year, it’s likely the state will easily trounce still-young sports wagering records, because it will capture all of the 2022 LSU Tigers and New Orleans Saints campaigns. Louisiana further benefits because neighboring Arkansas and Mississippi don’t yet offer mobile wagering, and Texas has no casinos and doesn’t permit sports betting.

“The DraftKings Sportsbook will also offer a full-service restaurant, the DraftKings Sportsbook Bar & Grill, with a variety of dining options during breakfast, lunch, and dinner, including a ‘quick grab’ menu,” according to the statement. “The restaurant will serve popular game day favorites from burgers to wings and a variety of items in between, as well as a wide selection of beer, cocktails, and frozen drinks at its full-service bar.”