Fast Acquisition Corp (NYSE:FST) up 20% so far this year. The company is expected to complete a merger with Golden Nugget LLC after receiving regulatory approvals. Golden Nugget reported revenue of $934.5 million in Q2 2021, representing a 224.4% YoY increase. For the first half of 2021, the company’s revenue was $1.577 billion reflecting a 49.6% Yoy increase.
Net income in Q2 was $144.3 million, and for the first half of 2021, it was $158.5 million relative to a net loss of $184.3 million a year ago. CEO Tilman Fertitta said that the company continues to perform at a high level, and they are delighted with Q2 results. For the year, the company expects to deliver an adjusted EBITDA of $800 million.
The net income in Q2 2021 includes a 19.9 million asset disposal gain related to Hurricane Laura relative to a loss of $3.4 million last year. Net income in 1H 2021 includes a $21.6 million assets disposal gain compared to a $5 million gain last year. FST is worth watching in the coming weeks.
Market Reaction:
On Wednesday, FST stock fell 1.45% at $12.20 with more than 32K shares, compared to its average volume of 112k shares. The stock has moved within a range of $12.16 – 12.50 after opening the trade at $12.33.
