The Danville casino currently being constructed will carry a national brand when it opens .
In an announcement made last Friday, the Developers of the Danville casino project said that Wilmot Gaming Illinois has entered into a joint venture with Tillman Ferttita’s Golden Nugget to build and operate a casino in Danville, Illinois pending regulatory approvals. The casino will be branded as Golden Nugget and feature a Landry’s Steakhouse.
Said Wilmot Gaming vice president James A. Wilmot on the deal:
“Wilmot is pleased to deliver Golden Nugget and GNOG to the City of Danville and is excited to partner with Tilman J. Fertitta. The Golden Nugget is a nationally recognized brand and strengthens the submission, provides additional opportunities, and upgrades the overall project. The Wilmot family would also like to personally acknowledge the efforts and support of the City Council and Mayor of Danville, IL; without their diligence and attention to detail this project would not be possible.”
Under the definitive agreement, Golden Nugget is given exclusive right to offer online sports betting and if granted approval, Illinois online casino games. The deal also stipulates that Golden Nugget will provide a mezzanine loan of $30M to Danville Development for the construction and development of the Danville casino.
The market access agreement is valid for a term of 20 years. It has a provision that requires Golden Nugget to pay Danville Development a percentage of its online sports betting and Illinois online casino revenues, subject to minimum royalty payments over the term.
Golden Nugget Expansion
Wilmot Gaming Illinois is a subsidiary of the New York-based Wilmorite Management Group. Earlier this year, the company was chosen as the preferred developer of the proposed casino in Danville. The Danville casino project was one of the six approved casinos in 2019 by Gov. J.B. Pritzker.
The Illinois casino and sports betting project is an important part of Golden Nugget’s expansion strategy. Golden Nugget became one of the latest U.S. digital gambling company to announce a SPAC merger to grow its business. It is set to merge with special purpose acquisition company Lancadia Holdings II and go public on NASDAQ to avoid the more complex IPO route.
About Golden Nugget
Golden Nugget LLC is wholly owned by Tillman Fertitta through subsidiaries and affiliate companies. It operates five Golden Nugget Hotel and Casino properties in Las Vegas, Laughlin, Atlantic City, Biloxi, and Lake Charles. Landry’s is a subsidiary of Golden Nugget and operates high-end and casual dining properties nationwide.
On the other hand, Wilmorite’s casino development portfolio include First Council Casino in Oklahoma, Harrah’s Northern California, and Del Lago Casino, New York.