DONE DEAL

Fertitta's Golden Nugget online gaming casino officially sold to major sports company

Fertitta's Golden Nugget online gaming casino officially sold to major sports company
Fertitta has about $1.6 million reasons to smile. Photo by J. Thomas Ford

The acquisition of Tilman Feritta’s Golden Nugget Online Gaming, Inc. (Nasdaq: GNOG) by digital sports entertainment and gaming company DraftKings Inc. (Nasdaq: DKNG) is complete.

DraftKings announced that it has completed the acquisition, worth at approximately $1.6 billion (dubbed the “GNOG Acquisition”) on Thursday, May 5.

“This will be an alliance unlike any other in the digital sports, entertainment and online gaming industry,” Fertitta said in a statement . “Now that the acquisition is completed, I look forward to what the future will bring for our combined company and am confident this relationship will be a huge success.”

DraftKings notes in a press release that this GNOG Acquisition will allow the company to leverage Golden Nugget’s established brand to “broaden its reach into new customer segments and enhance the combined company’s iGaming product offerings through DraftKings’ vertically integrated tech stack and Golden Nugget Online Gaming’s unique capabilities – including Live Dealer.”

Notably, the GNOG Acquisition will not include brick and mortar Golden Nugget casinos; Fertitta will maintain ownership of those entities.

The GNOG Acquisition will deliver “significant” benefits to DraftKings, as well as expected savings of $300 million, a release notes. The company aims to deploy a multi-brand approach meant to enhance cross-selling opportunities and drive increased revenue.

Additionally, DraftKings and Fertitta Entertainment expect to rebrand some current and future retail sportsbook locations at Fertitta Entertainment-owned Golden Nugget properties into DraftKings sportsbooks.

As CultureMap previously reported, DraftKings' agreement with Fertitta Entertainment will provide...continue on CultureMap.

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Fred VanVleet agrees to new contract with Houston. Photo by Carmen Mandato/Getty Images.

For the Houston Rockets, it's already been an exciting offseason, with the team trading for NBA superstar Kevin Durant earlier this week. The Rockets also inked extensions with big man Steven Adams and head coach Ime Udoka in recent weeks.

Apparently the action isn't slowing down as the Rockets have reportedly agreed to a contract extension with guard Fred VanVleet.

Senior ESPN NBA analyst Sham Charania is reporting that VanVleet intends to sign a 2-year, $50 million contract with Houston.

Charania is also reporting that VanVleet has a player option for the 2026-2027 season.

In 60 games, VanVleet averaged just over 14 points and 5.6 assists per game last season.

Per NBC Sports' Kurt Helin:

This is a team-friendly deal for the Rockets that gets them below the luxury tax line, helping them avoid the repeater tax. It also opens up the full $14.1 million mid-level exception to add more talent to the roster. For VanVleet, it's more total money and an extra year of security.

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