Golden Nugget Online Gaming (GNOG) 10-Q 14 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 13, 2020
Document and Entity Information
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Entity Registrant Name	Landcadia Holdings II, Inc.
Entity Central Index Key	0001768012
Current Fiscal Year End Date	--12-31
Trading Symbol	Ica
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	true
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A common stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		31,625,000
Class B common stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		7,906,250

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current Assets:
Cash	$ 1,135,940	$ 1,593,104
Prepaid assets	27,860	20,433
Total current assets	1,163,800	1,613,537
Cash and investments held in trust account	321,232,275	319,901,512
Total Assets	322,396,075	321,515,049
Current Liabilities:
Accounts payable and accrued liabilities	144,929	289,830
Income taxes payable	879,931	664,486
Total current liabilities	1,024,860	954,316
Deferred underwriting commissions	11,068,750	11,068,750
Total Liabilities	12,093,610	12,023,066
Class A common stock subject to possible redemption, 30,148,917 and 30,181,451 shares at redemption value of $10.13 and $10.09, respectively	305,302,455	304,491,973
Stockholders' Equity:
Preferred stock, $0.0001 par value, 1,000,000 authorized, no shares issued or outstanding	0	0
Additional paid-in capital	1,688,857	2,499,342
Retained Earnings	3,310,215	2,499,733
Total Stockholders' equity	5,000,010	5,000,010
Total liabilities and stockholders' equity	322,396,075	321,515,049
Class A common stock
Stockholders' Equity:
Common stock	147	144
Class B common stock
Stockholders' Equity:
Common stock	$ 791	$ 791

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Preferred stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock authorized	1,000,000	1,000,000
Preferred stock issued	0	0
Preferred stock outstanding	0	0
Class A common stock
Redeemable shares issued (in shares)	30,148,917	30,181,451
Redemption value (in dollars per share)	$ 10.13	$ 10.09
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock authorized	200,000,000	200,000,000
Common stock issued	1,476,083	1,443,549
Common stock outstanding	1,476,083	1,443,549
Common stock shares outstanding subject to possible redemptions	30,148,917	30,181,451
Class B common stock
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock authorized	20,000,000	20,000,000
Common stock issued	7,906,250	7,906,250
Common stock outstanding	7,906,250	7,906,250

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Expenses:
General and administrative expenses	$ 284,140	$ 102,585	$ 486,207	$ 123,559
Loss from operations	(284,140)	(102,585)	(486,207)	(123,559)
Other income:
Interest income	360,255	1,163,475	1,512,134	1,163,475
Income before taxes	76,115	1,060,890	1,025,927	1,039,916
Tax provision	(15,984)	(218,382)	(215,445)	(218,382)
Net income	$ 60,131	$ 842,508	$ 810,482	$ 821,534
Basic and diluted loss per share:
Loss per share available to common shares	$ (0.02)	$ (0.01)	$ (0.03)	$ (0.01)
Basic and diluted weighted average number of shares	9,368,136	8,282,500	9,360,902	6,698,270

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Common StockClass A common stock	Common StockClass B common stock	Additional Paid-in CapitalClass A common stock	Additional Paid-in Capital	Retained Earnings / (Accumulated Deficit)Class A common stock	Retained Earnings / (Accumulated Deficit)	Stock subscription receivable, affiliates	Class A common stock	Total
Balance at Dec. 31, 2018	$ 0	$ 382		$ 618		$ 0	$ (1,000)		$ 0
Balance (in shares) at Dec. 31, 2018	0	3,815,625
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued during period, value	$ 0	$ 409		9,591		0	(10,000)
Stock issued during period, shares	0	4,090,625
Net income (loss)	$ 0	$ 0		0		(20,974)	0		(20,974)
Balance at Mar. 31, 2019	0	$ 791		10,209		(20,974)	(11,000)		(20,974)
Balance (in shares) at Mar. 31, 2019		7,906,250
Balance at Dec. 31, 2018	$ 0	$ 382		618		0	(1,000)		0
Balance (in shares) at Dec. 31, 2018	0	3,815,625
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)									821,534
Balance at Jun. 30, 2019	$ 143	$ 791		4,177,542		821,534	0		5,000,010
Balance (in shares) at Jun. 30, 2019	1,433,847	7,906,250
Balance at Mar. 31, 2019	$ 0	$ 791		10,209		(20,974)	(11,000)		(20,974)
Balance (in shares) at Mar. 31, 2019		7,906,250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued during period, value	$ 3,163		$ 316,246,837		$ 0			$ 316,250,000
Stock issued during period, shares	31,625,000
Sponsor warrants issued	$ 0			8,825,000		0			8,825,000
Underwriters commissions and offering costs	0			(18,093,750)		0			(18,093,750)
Class A shares subject to redemption	$ (3,020)			(302,810,754)		0			(302,813,774)
Class A shares subject to redemption (in shares)	(30,191,153)
Payment of stock subscription receivable, affiliates	$ 0					0	11,000		11,000
Net income (loss)	0					842,508			842,508
Balance at Jun. 30, 2019	$ 143	$ 791		4,177,542		821,534	0		5,000,010
Balance (in shares) at Jun. 30, 2019	1,433,847	7,906,250
Balance at Dec. 31, 2019	$ 144	$ 791		2,499,342		2,499,733	0		5,000,010
Balance (in shares) at Dec. 31, 2019	1,443,549	7,906,250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class A shares subject to redemption	$ 1	$ 0		(750,352)		0	0		(750,351)
Class A shares subject to redemption (in shares)	11,355	0
Net income (loss)	$ 0	$ 0		0		750,351	0		750,351
Balance at Mar. 31, 2020	$ 145	$ 791		1,748,990		3,250,084	0		5,000,010
Balance (in shares) at Mar. 31, 2020	1,454,904	7,906,250
Balance at Dec. 31, 2019	$ 144	$ 791		2,499,342		2,499,733	0		5,000,010
Balance (in shares) at Dec. 31, 2019	1,443,549	7,906,250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)									810,482
Balance at Jun. 30, 2020	$ 147	$ 791		1,688,857		3,310,215	0		5,000,010
Balance (in shares) at Jun. 30, 2020	1,476,083	7,906,250
Balance at Mar. 31, 2020	$ 145	$ 791		1,748,990		3,250,084	0		5,000,010
Balance (in shares) at Mar. 31, 2020	1,454,904	7,906,250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class A shares subject to redemption	$ 2	$ 0		(60,133)		0	0		(60,131)
Class A shares subject to redemption (in shares)	21,179	0
Net income (loss)	$ 0	$ 0		0		60,131	0		60,131
Balance at Jun. 30, 2020	$ 147	$ 791		$ 1,688,857		$ 3,310,215	$ 0		$ 5,000,010
Balance (in shares) at Jun. 30, 2020	1,476,083	7,906,250

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ 810,482	$ 821,534
Adjustments to reconcile net income(loss) to net cash used in operating activities:
Trust account interest income	(1,512,133)	(1,163,475)
Changes in operating assets and liabilities:
Decrease (increase) in prepaid expenses	(7,427)	(4,451)
Increase (decrease) in accounts payable and accrued liabilities	(144,901)	53,000
Increase (decrease) in income taxes payable	215,445	218,382
Increase (decrease) in accounts payable to affiliate	0	20,000
Net cash used in operating activities	(638,534)	(55,010)
Cash flows from investing activities:
Cash withdrawn from trust account for franchise tax payments	181,370	0
Cash deposited in trust account	0	(316,250,000)
Net cash provided by (used in) investing activities	181,370	(316,250,000)
Cash flows from financing activities:
Proceeds from public offering	0	316,250,000
Proceeds from sale of private placement warrants	0	8,825,000
Proceeds from sale of common stock to sponsor	0	10,000
Payment for underwriting discounts	0	(6,325,000)
Payment of offering costs	0	(513,177)
Payment of notes payable, affiliates	0	(83,470)
Proceeds from stock subscriptions receivable, affiliates	0	1,000
Net cash provided by financing activities	0	318,164,353
Net decrease in cash and cash equivalents	(457,164)	1,859,343
Cash and cash equivalents at beginning of period	1,593,104	0
Cash and cash equivalents at end of period	1,135,940	1,859,343
Supplemental schedule of non-cash financing activities:
Change in value of common shares subject to possible conversion	810,482	855,614
Initial classification of common shares subject to possible conversion	0	301,958,160
Deferred underwriting commissions	0	11,068,750
Accrued offering costs	0	103,353
Offering costs included in Notes payable, affiliates	$ 0	$ 83,470

Nature of Business and Subseque

Nature of Business and Subsequent Events	6 Months Ended
	Jun. 30, 2020
Nature of Business
Nature of Business and Subsequent Events	1. Nature of Business and Subsequent Events Business Landcadia Holdings II, Inc., (the “Company”), was formed as CAPS Holding LLC, a Delaware limited liability company on August 11, 2015 and converted into a Delaware corporation on February 4, 2019. The Company has not had any significant operations to date. The Company was formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). On June 29, 2020 the Company announced that it has entered into a purchase agreement (the “Purchase Agreement”) to acquire Golden Nugget Online Gaming, Inc. (“GNOG”). The transaction is expected to close in the 3 rd quarter of 2020. There is no assurance that the Company’s plans to consummate a Business Combination will be successful. See Note 6 for further information. All activity through June 30, 2020 relates to the Company’s search for a suitable Business Combination as well as its formation and initial public offering of units (the “Public Offering”), which is described below. Sponsors The Company’s sponsors are Fertitta Entertainment, Inc. (“FEI”) and Jefferies Financial Group Inc. (“JFG” and, together with FEI, the “Sponsors”). FEI is wholly owned by Tilman J. Fertitta, the Company's Co-Chairman and Chief Executive Officer. Financing The Company intends to finance its Business Combination in part with proceeds from its $316,250,000 Public Offering and $8,825,000 private placement (the “Private Placement”), see Notes 4 and 5. The registration statement for the Public Offering was declared effective by the U.S. Securities and Exchange Commission (“SEC”) on May 6, 2019. The Company consummated the Public Offering of 31,625,000 units, including the issuance of 4,125,000 units as a result of the underwriters’ exercise of their over-allotment option in full (the “Units”), at $10.00 per Unit on May 9, 2019, generating gross proceeds of $316,250,000. Simultaneously with the closing of the Public Offering, the Company consummated the Private Placement of an aggregate of 5,883,333 warrants (the "Sponsor Warrants”) at a price of $1.50 per Sponsor Warrant. Upon the closing of the Public Offering and Private Placement, $316,250,000 from the net proceeds of the sale of the Units in the Public Offering and the Private Placement was placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company, acting as trustee (the “Trust Account”). Trust Account The proceeds held in the Trust Account can only be invested in permitted United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a‑7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. In the six months ending June 30, 2020, we paid a franchise tax expense of $177,431 from Trust Account earnings. Further, a franchise tax expense of $70,952 paid in the 2 nd quarter of 2020 will be reimbursed by the Trust Account earnings in July 2020. The Company’s third amended and restated certificate of incorporation (the “Charter”) provides that, other than the withdrawal of interest to pay tax obligations, none of the funds held in the Trust Account will be released until the earliest of: (i) the completion of the Business Combination; (ii) the redemption of any shares of Class A common stock included in the Units sold in the Public Offering (“Public Shares”) properly submitted in connection with a stockholder vote to amend the Charter to modify the substance or timing of the Company’s obligation to redeem 100% of the Public Shares if the Company does not complete the Business Combination by May 9, 2021 (within 24 months from the closing of the Public Offering); or (iii) the redemption of the Public Shares if the Company is unable to complete the Business Combination by May 9, 2021, subject to applicable law. Initial Business Combination The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering and Private Placement, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the value of the assets held in the Trust Account (excluding deferred underwriting commissions and taxes payable on the interest earned on the Trust Account) at the time of the Company’s signing a definitive agreement in connection with an initial Business Combination. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. The Sponsors and the Company's officers and directors have entered into a letter agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to their Founders Shares (as defined below) and Public Shares in connection with the completion of the Business Combination, (ii) waive their redemption rights with respect to their Founders Shares and Public Shares in connection with a stockholder vote to approve an amendment to the Charter to modify the substance or timing of the Company's obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination by May 9, 2021, or to provide for redemption in connection with a Business Combination and (iii) waive their rights to liquidating distributions from the Trust Account with respect to their Founders Shares if the Company fails to complete a Business Combination by May 9, 2021, although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company fails to complete a Business Combination within the prescribed time frame; and (iv) vote any Founders Shares held by them and any Public Shares purchased during or after the Public Offering (including in open market and privately-negotiated transactions) in favor of the Business Combination. The Company, after signing a definitive agreement for the Business Combination, will either (i) seek stockholder approval of the Business Combination at a meeting called for such purpose in connection with which stockholders may seek to redeem their shares, regardless of whether they vote for or against the Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the Business Combination, including interest earned on the Trust Account and not previously released to the Company to pay its taxes, or (ii) provide stockholders with the opportunity to sell their shares to the Company by means of a tender offer for an amount in cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to commencement of the tender offer, including interest earned on the Trust Account and not previously released to the Company to pay its taxes. The decision as to whether the Company will seek stockholder approval of the Business Combination or will allow stockholders to sell their shares in a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require the Company to seek stockholder approval. If the Company seeks stockholder approval, it will complete the Business Combination only if a majority of the outstanding shares of common stock voted are voted in favor of the Business Combination. However, in no event will the Company redeem the Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001. In such case, the Company would not proceed with the redemption of the Public Shares and the related Business Combination, and instead may search for an alternate Business Combination. Notwithstanding the foregoing redemption rights, if the Company seeks stockholder approval of the Business Combination and it does not conduct redemptions in connection with the Business Combination pursuant to the tender offer rules, the Charter provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act of 1934, as amended (the "Exchange Act")), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in the Public Offering, without the Company’s prior consent. The Public Shares have been recorded at their redemption amount and classified as temporary equity (“Redeemable Shares”), in accordance with the Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 480, ‘‘Distinguishing Liabilities from Equity.’’ The amount in the Trust Account was initially $10.00 per Public Share ($316,250,000 held in the Trust Account divided by 31,625,000 Public Shares). See Note 3. The Company will have until May 9, 2021 to complete the Business Combination. If the Company does not complete the Business Combination within this period of time, it shall (i) cease all operations except for the purposes of winding up; (ii) as promptly as reasonably possible, but not more than ten business days thereafter, redeem the Public Shares for a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and its board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims to creditors and the requirements of other applicable law. The Sponsors and the Company’s officers and directors have entered into a letter agreement with the Company, pursuant to which they have waived their rights to liquidating distributions from the Trust Account with respect to any Founders Shares (as defined below) held by them if the Company fails to complete its Business Combination by May 9, 2021; however, the Sponsors, officers and directors are entitled to liquidating distributions from the Trust Account with respect to Public Shares held by them if the Company does not complete the Business Combination within the required time period. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be less than the initial public offering price per Unit in the Public Offering. Pursuant to the letter agreement referenced above, the Sponsors, officers and directors agreed that, if the Company submits the Business Combination to the Company’s public stockholders for a vote, such parties will vote their Founders Shares and any Public Shares in favor of the Business Combination. Subsequent Events The Company has evaluated subsequent events and transactions that occurred after the balance sheet date up to the date the financial statements were issued. The Company did not identify any subsequent events that would have required adjustment to or disclosure in the financial statements. Fiscal Year End The Company has a December 31 fiscal year-end.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principals of Consolidation and Basis of Presentation Our consolidated financial statements include the accounts of Landcadia Holdings II, Inc. and all subsidiaries in which we hold a controlling financial interest. These unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. The interim financial information provided is unaudited, but includes all adjustments which management considers necessary for the fair presentation of the results for these periods. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year period and should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Form 10‑K filed with the SEC on March 27, 2020. Use of Estimates The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Cash and Cash equivalents The Company considers cash equivalents to be all short-term investments with an original maturity of three months or less when purchased. Cash consists of proceeds from the Public Offering and Private Placement held outside of the Trust Account and may be used to pay for business, legal and accounting due diligence for the Business Combination and continuing general and administrative expenses. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts with a financial institution which may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and the Company believes that it is not exposed to significant risks on such accounts. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurement and Disclosures,” approximates the carrying amounts represented in the balance sheet. Offering Costs The Company complies with the requirements of FASB ASC 340-10-S99-1 and SEC Staff Accounting Bulletin ("SAB") Topic 5A-"Expenses of Offering." Offering costs of approximately $700,000 consisted of costs incurred for legal, accounting, and other costs incurred in connection with the formation and preparation of the Public Offering. These costs, together with $17,393,750 in underwriting commissions, were charged to additional paid-in capital upon the closing of the Public Offering. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities were $144,929 and $289,830 as of June 30, 2020 and December 31, 2019, respectively. Accounts payable and accrued liabilities on June 30, 2020 primarily consist of Delaware franchise tax expenses and other general and administrative costs. Loss Per Common Share Basic loss per common share is computed by dividing net income applicable to common stockholders by the weighted average number of common shares outstanding during the period. All shares of Class B common stock are assumed to convert to shares of Class A common stock on a one-for-one basis. Consistent with FASB ASC 480, shares of Class A common stock subject to possible redemption, as well as their pro rata share of undistributed trust earnings consistent with the two-class method, have been excluded from the calculation of loss per common share for the three and six months ended June 30, 2020. Such shares, if redeemed, only participate in their pro rata share of trust earnings, see Note 3. Diluted loss per share includes the incremental number of shares of common stock to be issued in connection with the conversion of Class B common stock or to settle warrants, as calculated using the treasury stock method. For the three and six months ending June 30, 2020 and 2019, the Company did not have any dilutive warrants, securities or other contracts that could, potentially, be exercised or converted into common stock. As a result, diluted loss per common share is the same as basic loss per common share for all periods presented. In accordance with FASB ASC 260, the loss per share calculation reflects the effect of the stock splits as discussed in Note 3. A reconciliation of net loss per common share as adjusted for the portion of income that is attributable to common stock subject to redemption is as follows: Three months ended Six months ended June 30, June 30, 2020 2019 2020 2019 Numerator: Net income (loss) - basic and diluted $ 60,131 $ 842,508 $ 810,482 $ 821,534 Less: Income attributable to common stock subject to possible redemption (274,407) (902,243) (1,138,584) (902,243) Net loss available to common shares $ (214,276) $ (59,735) $ (328,102) $ (80,709) Demoninator: Weighted average number of shares - basic 9,368,136 8,282,500 9,360,902 6,698,270 Warrants — — — — Weighted average number of shares - diluted 9,368,136 8,282,500 9,360,902 6,698,270 Basic and diluted loss available to common shares $ (0.02) $ (0.01) $ (0.03) $ (0.01) Income Taxes The Company complies with the accounting and reporting requirements of FASB ASC 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. There were no unrecognized tax benefits as of June 30, 2020 and December 31, 2019. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at June 30, 2020 and December 31, 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities for years after 2015. On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") into law. The Cares Act includes several significant business tax provisions that, among other things, eliminates the taxable income limit for certain net operating losses ("NOL") and allows businesses to carryback NOLs arising in 2018, 2019, and 2020 to the five prior years; suspends the excess business loss rules; accelerates refunds of previously generated corporate alternative minimum tax credits; adjusts business interest limitations under IRC section 163(j) from 30% to 50%; and addresses other technical corrections included in the Tax Cuts and Jobs Act tax provisions. The Company is still evaluating the impact, if any, of the CARES Act on its financial position, results of operations and cash flows. The effective tax rate was 21.0% for all periods presented. Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Stockholder's Equity

Stockholder's Equity	6 Months Ended
	Jun. 30, 2020
Stockholder's Equity
Stockholder's Equity	3. Stockholders’ Equity In 2015, JFG purchased an aggregate of 1,000 shares of the Company’s common stock (100% of the issued and outstanding shares) for $1,000. On February 14, 2019, the Company amended the total number of authorized shares of all classes of capital stock to 221,000,000, of which 200,000,000 shares are Class A shares at par value $0.0001 per share; 20,000,000 shares are Class B shares at par value $0.0001 per share (the “Founders Shares”); and 1,000,000 shares are Preferred stock at par value $0.0001 per share. Simultaneously, the Company reclassified all of its issued and outstanding shares of common stock to Founders Shares and conducted a 1:2,775 stock split. Also, on February 14, 2019, the Company issued 2,975,000 additional Founders Shares to FEI for $10,000. On March 13, 2019, the Company conducted a 1:1.25 stock split and on May 6, 2019 a 1:1.10 stock split of the Founders Shares. The financial statements reflect the changes from these splits retroactively for all periods presented. Following these transactions, the Sponsors owned 7,906,250 issued and outstanding Founders Shares and the Company had $11,000 of invested capital, or approximately $0.001 per share. Redeemable Shares All of the 31,625,000 Public Shares sold as part of the Public Offering contain a redemption feature as defined in the Public Offering. In accordance with FASB ASC 480, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. The Company's amended and restated certificate of incorporation provides a minimum net tangible asset threshold of $5,000,001. The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of the security to equal the redemption value at the end of each reporting periods. Increases or decreases in the carrying amount of Redemption Shares will be affected by charges against additional paid-in capital. At June 30, 2020, there were 31,625,000 Public Shares, of which 30,148,917 were classified as Redeemable Shares, classified outside of permanent equity, and 1,476,083 classified as Class A common stock. At December 31, 2019, of the 31,625,000 Public Shares, 30,181,451 were classified as Redeemable Shares, and 1,443,549 were classified as Class A common stock. For further information on the Founders Shares, see Note 5.

Public Offering

Public Offering	6 Months Ended
	Jun. 30, 2020
Public Offering
Public Offering	4. Public Offering Public Units In the Public Offering, which closed May 9, 2019, the Company sold 31,625,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of the Company’s Class A common stock, $0.0001 par value and one-third of one redeemable warrant (each a “Public Warrant”). Under the terms of the warrant agreement, the Company has agreed to use its best efforts to file a new registration statement to register the shares of common stock underlying the warrants under the Securities Act following the completion of the Business Combination. Each Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share. Each whole Public Warrant will become exercisable on the later of 30 days after the completion of the Business Combination or 12 months from the closing of the Public Offering. However, if the Company does not complete the Business Combination on or prior to May 9, 2021, the Warrants will expire at the end of such period. If the Company is unable to deliver registered shares of Class A common stock to the holder upon exercise of Public Warrants issued in connection with the Units during the exercise period, there will be no net cash settlement of these Public Warrants and the Public Warrants will expire worthless, unless they may be exercised on a cashless basis in the circumstances described in the warrant agreement. Once the Public Warrants become exercisable, the Company may call the warrants for redemption: (i) in whole and not in part; (ii) at a price of $0.01 per warrant; (iii) upon not less than 30 days’ prior written notice of redemption to each warrant holder; and (iv) if, and only if, the reported closing price of the Class A common stock equals or exceeds $18.00 value per share for any 20 trading days within a 30‑trading day period ending three business days before the Company sends the notice of redemption to the warrant holders. Underwriting Commissions The Company paid an underwriting discount of $6,325,000 ($0.20 per Unit sold) to the underwriters at the closing of the Public Offering on May 9, 2019, with an additional fee (“Deferred Discount”) of $11,068,750 ($0.35 per Unit sold) payable upon the Company’s completion of the Business Combination. The Deferred Discount will become payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes its Business Combination. See Note 5 for further information on underwriting commissions.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions
Related Party Transactions	5. Related Party Transactions Founders Shares The Founders Shares are identical to the Public Shares except that the Founders Shares are subject to certain transfer restrictions and automatically convert into shares of Class A common stock at the time of the Business Combination on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights. The initial stockholders collectively own 20% of the Company’s issued and outstanding shares of common stock after the Public Offering. The holders of the Founders Shares have agreed not to transfer, assign or sell any of their Founders Shares until one year after the completion of the Business Combination, or earlier if, subsequent to the Business Combination, (i) the closing price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination or (ii) the date on which the Company completes a liquidation, merger, stock exchange or other similar transaction after the Business Combination that results in all of the Company’s stockholders having the right to exchange their shares of common stock for cash, securities or other property (the ‘‘Lock Up Period’’). The Founders Shares will automatically convert into shares of Class A common stock concurrently with or immediately following the consummation of the Business Combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, and subject to further adjustment. In the case that additional shares of Class A common stock or equity-linked securities are issued or deemed issued in connection with the Business Combination, the number of shares of Class A common stock issuable upon conversion of all Founders Shares will equal, in the aggregate, 20% of the total number of all shares of Class A common stock outstanding after such conversion (after giving effect to any redemptions of shares of Class A common stock by public stockholders), including the total number of shares of Class A common stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial business combination, excluding any shares of Class A common stock or equity-linked securities exercisable for or convertible into shares of Class A common stock issued, or to be issued, to any seller in the Business Combination and any private placement-equivalent warrants issued to the Sponsors, officers or directors upon conversion of working capital loans; provided that such conversion of Founders Shares will never occur on a less than one-for-one basis. Sponsor Warrants In conjunction with the Public Offering that closed on May 9, 2019 the Sponsors purchased an aggregate of 5,883,333 Sponsor Warrants at a price of $1.50 per warrant ($8,825,000 in the aggregate) in the Private Placement. A portion of the purchase price of the Sponsor Warrants was added to the proceeds from the Public Offering to be held in the Trust Account such that at closing of the Public Offering, $316,250,000 was placed in the Trust Account. Each Sponsor Warrant entitles the holder to purchase one share of Class A common stock at $11.50 per share. The Sponsor Warrants (including the Class A common stock issuable upon exercise of the Sponsor Warrants) are not transferable, assignable or salable until 30 days after the completion of the Business Combination and they are non-redeemable so long as they are held by the initial purchasers of the Sponsor Warrants or their permitted transferees. If the Sponsor Warrants are held by someone other than the initial purchasers of the Sponsor Warrants or their permitted transferees, the Sponsor Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the warrants included in the Units being sold in the Public Offering. Otherwise, the Sponsor Warrants have terms and provisions that are identical to those of the Public Warrants except that the Sponsor Warrants may be exercised on a cashless basis. If the Company does not complete the Business Combination, then the proceeds will be part of the liquidating distribution to the public stockholders and the Sponsor Warrants issued to the Sponsors will expire worthless. On June 12, 2019, FEI assigned and transferred all of the 2,941,667 Sponsor Warrants and 4,090,625 Founders Shares held by it to Tilman J. Fertitta for the same prices originally paid by FEI for such securities ($4,412,500 and $10,000, respectively). In connection with such transfer, Mr. Fertitta entered into the registration rights agreement entered into by the Sponsors and the Company in connection with the Public Offering, which registration rights are described below. Registration Rights The holders of the Founders Shares, Sponsor Warrants, shares of Class A common stock issuable upon conversion of the Founders Shares, Sponsor Warrants or Working Capital Loans will be entitled to registration rights. These holders will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities for sale under the Securities Act. In addition, these holders will have ‘‘piggy-back’’ registration rights to include their securities in other registration statements filed by the Company. Notwithstanding the foregoing, JFG may not exercise its demand and “piggyback” registration rights after five and seven years, respectively after the effective date of the registration statement relating to the Public Offering and may not exercise its demand rights on more than one occasion. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Commissions Jefferies LLC is the underwriter of the Public Offering, and its indirect parent, JFG, beneficially owns 48.3% of the Founders Shares. Jefferies LLC received all of the underwriting discount that was due at the closing of the Public Offering, and will receive the additional Deferred Discount payable from the Trust Account upon completion of the Business Combination. See Note 4 for further information regarding underwriting commissions. Administrative Services Agreement The Company entered into an administrative services agreement in which the Company will pay FEI for office space, utilities and secretarial and administrative support, in an amount equal to $10,000 per month ending on the earlier of the completion of a Business Combination or May 9, 2021, if the Company is unable to complete the Business Combination. The Company has incurred and paid administrative services fees of $30,000 in both the three months ended June 30, 2020 and 2019, and $60,000 and $50,000 for the six months ended June 30, 2020 and 2019, respectively. Sponsor Indemnification The Sponsors have agreed that they will be jointly and severally liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share or (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable; provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Public Offering against certain liabilities, including liabilities under the Securities Act. Sponsor Loans On February 14, 2019, the Sponsors agreed to loan the Company up to an aggregate of $300,000 by the issuance of unsecured promissory notes to cover expenses related to the Public Offering. These loans of $83,470 were repaid in full on May 14, 2019. In addition, the Sponsors will not be prohibited from loaning the Company funds in order to finance transaction costs in connection with the Business Combination. Up to $1,500,000 of these loans may be convertible into warrants of the post-Business Combination entity at a price of $1.50 per warrant at the option of the lender. The warrants would be identical to the Sponsor Warrants. The terms of such loans have not been determined and no written agreements exist with respect to such loans. See Note 4 for the terms of the warrants.

Purchase Agreement

Purchase Agreement	6 Months Ended
	Jun. 30, 2020
Purchase Agreement
Purchase Agreement	6. Purchase Agreement On June 28, 2020 the Company entered into a purchase agreement (the “Purchase Agreement”) with LHGN HoldCo, LLC, a Delaware limited liability company and newly formed, wholly-owned subsidiary of the Company (“Landcadia HoldCo”), Landry’s Fertitta, LLC, a Texas limited liability company (“LF LLC”), GNOG Holdings, LLC, a Delaware limited liability company and newly formed, wholly-owned subsidiary of LF LLC (“GNOG HoldCo”), and Golden Nugget Online Gaming, Inc. (f/k/a Landry’s Finance Acquisition Co.), a New Jersey corporation and wholly-owned subsidiary of LF LLC (“GNOG”). Tilman J. Fertitta, the owner of one of the Company’s sponsors and Co-Chairman and Chief Executive Officer of the Company, indirectly owns all of the equity interests in LF LLC, GNOG HoldCo and GNOG. More information about the transaction is included in the preliminary proxy statement/prospectus that the Company filed with the SEC on August 12, 2020. The preliminary proxy statement/prospectus contains the notice of special meeting of stockholders of the Company to vote on and adopt the Purchase Agreement and to vote on certain related proposals. There is no guarantee that the conditions to the closing of the transaction will be satisfied prior to, or following such meeting. Structure; Consideration to be Paid in the Transactions Pursuant to the Purchase Agreement, subject to the satisfaction or waiver of certain conditions set forth therein, at the time of the closing of the transactions (the “Closing”), LF LLC will contribute all of the membership interests in GNOG HoldCo to Landcadia HoldCo, in exchange for (i) 31,350,625 Class B membership interests in Landcadia HoldCo (the “HoldCo Class B Units”), (ii) 31,350,625 shares of a new, non-economic Class B common stock, par value $0.0001 per share, of the Company (the “Class B common stock”), which will entitle the holder to ten votes per share subject to the limitations described below (the “High Voting Rights”), (iii) cash consideration in an amount of $30.0 million and (iv) the repayment of $150.0 million, representing one half of the existing principal amount owed by GNOG under an existing credit agreement (the “Credit Agreement”), together with related prepayment premium in an amount of approximately $24.0 million, as well as accrued and unpaid interest. The cash consideration and Credit Agreement payment will be paid with cash available to us from the Trust Account. Prior to the Closing, GNOG will convert into a limited liability company by merging with and into Golden Nugget Online Gaming, LLC, a New Jersey limited liability company and newly formed, wholly-owned subsidiary of GNOG Holdings (“GNOG LLC”), with GNOG LLC surviving as a direct, wholly-owned subsidiary of GNOG HoldCo. The acquisitions and transactions contemplated by the Purchase Agreement are referred to herein as the “Transactions”. Upon consummation of the transactions contemplated by the Purchase Agreement, the Company will change its name to “Golden Nugget Online Gaming, Inc.” The Company may be referred to herein as “New GNOG”. At the Closing, New GNOG will be organized in an “Up-C” structure in which substantially all the assets and the business of New GNOG will be held indirectly by Landcadia HoldCo, and New GNOG’s only direct assets will consist of Class A membership interests of Landcadia HoldCo. New GNOG’s business will continue to operate through GNOG LLC. New GNOG is expected to own approximately 54.1% of the combined membership interests in Landcadia HoldCo and will control Landcadia HoldCo as the sole manager of Landcadia HoldCo in accordance with the terms of the amended and restated limited liability agreement of Landcadia HoldCo to be entered into in connection with the Closing (the “HoldCo LLC Agreement”). LF LLC is expected to own approximately 45.9% of the combined membership interests in Landcadia HoldCo, but its membership interests will carry no voting rights. Beginning six months after the Closing, each HoldCo Class B Unit to be held by LF LLC will be redeemable by Landcadia HoldCo for either one share of Class A common stock, or at Landcadia HoldCo’s election, the cash equivalent to the market value of one share of Class A common stock pursuant to the HoldCo LLC Agreement. One share of the Class B common stock held by LF LLC will be canceled for each HoldCo Class B Unit redeemed. Landcadia HoldCo will own all of the equity interests in GNOG HoldCo, which will own all of the equity interests in GNOG LLC. The transaction is expected to close in the 3rd quarter of 2020. Representations, Warranties and Covenants The parties to the Purchase Agreement have agreed to customary representations, warranties and covenants in the Purchase Agreement, including, among others, covenants with respect to the conduct of GNOG HoldCo, GNOG, GNOG LLC and their respective subsidiaries during the period between execution of the Purchase Agreement and the Closing. Each of the Company, Landcadia HoldCo, GNOG, GNOG HoldCo and LF LLC has agreed to use its commercially reasonable efforts to cause the Transactions to be consummated reasonably promptly after the date of the execution of the Purchase Agreement. The representations and warranties of the parties to the Purchase Agreement will not survive the Closing. Conditions to Closing Under the Purchase Agreement, the obligations of the parties to consummate the Transactions are subject to the approval at a special meeting of the stockholders of the Company by (A)(i) a majority of the shares of the Company’s common stock voted at the meeting and (ii) a majority of the shares of Class A Common Stock outstanding and held by the stockholders of the Company other than those shares beneficially owned by Tilman J. Fertitta and JFG (the “Disinterested Stockholders”) (iii) the Company must have at least $80 million in cash following closing and (B) with respect to the amendments to the Charter necessary to effect the Transactions, (i) a majority of the shares of the Company’s common stock outstanding and (ii) a majority of the shares of Class A Common Stock outstanding and held by the Disinterested Stockholders (collectively, the “Stockholder Approval”). In addition, the Closing is subject to, among other conditions, (i) the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, (ii) the receipt of all necessary permits, approvals, clearances, licenses, and consents of, or filings with, any governmental or regulatory authorities (including all relevant approvals and licenses required under applicable gaming law to operate in the ordinary course the business of GNOG, or GNOG LLC as its successor), and (iii) material compliance by the parties with their respective pre-Closing and Closing obligations and the accuracy of each party’s representations and warranties in the Purchase Agreement, in each case subject to the materiality standards contained in the Purchase Agreement. Termination The Purchase Agreement may be terminated at any time prior to the Closing upon the parties’ mutual written consent and in certain other circumstances, including, (i) by LF LLC or the Company if the Stockholder Approval is not obtained, (ii) by LF LLC if the board of directors of the Company has withdrawn, amended, qualified or modified its recommendation to the Company’s stockholders, (iii) by LF LLC if the cash balance at GNOG LLC immediately following the Closing would be less than $80.0 million, (iv) by LF LLC if there exists a deficiency under Nasdaq Listing Rule 5620(a) after December 31, 2020, or any other deficiency which causes a de-listing from Nasdaq to the Company prior to Closing (a “Listing Deficiency”), or (v) by LF LLC or the Company if the Closing has not occurred by January 30, 2021 and the delay is not due to the material breach of the Purchase Agreement by the party seeking termination. None of the parties to the Purchase Agreement is required to pay a termination fee; provided, however, that the Company may be required to reimburse GNOG for any and all expenses, including reasonable attorney’s fees, in the event that the Company (i) fails to obtain the Stockholder Approval or (ii) fails to cure any Listing Deficiency. Other Agreements The Purchase Agreement contemplates the execution of various additional agreements and instruments, on or before the Closing, including, among others, the following: Tax Receivable Agreement Prior to the Closing, the Company and LF LLC will negotiate a tax receivable agreement to be entered into at the Closing which will provide for payment by the Company to LF LLC in respect of 85% of the U.S. federal income tax savings (by way of increased depreciation and amortization deductions) allocable to the Company from Landcadia HoldCo subject to certain terms and conditions, to the extent arising from both (a) certain transactions contemplated under the Purchase Agreement and (b) the exchange of LF LLC’s HoldCo Class B Units for Class A common stock, as determined on a “with and without” basis, and for an early termination payment by the Company to LF LLC in the event of a change of control calculated using a mutually agreeable discount rate, subject to appropriate and customary limitations, including in connection with available cash flow and financing facilities. Fourth Amended and Restated Certificate of Incorporation of the Company The Company’s Fourth Amended and Restated Certificate of Incorporation, to be adopted by the Company at Closing will, among other things, authorize the issuance of the Class B common stock, and will provide that LF LLC will be able to exercise the High Voting Rights of the Class B common stock only to the extent that the voting power held by Mr. Fertitta and certain of his affiliates does not exceed 79.9%. Any excess voting power will be automatically adjusted downward to 79.9%. The High Voting Rights will expire if and when the aggregate of (i) the number of shares of Class A common stock beneficially owned by Mr. Fertitta and certain of his affiliates, and (ii) the number of shares of Class A common stock into which the HoldCo Class B Units held by Mr. Fertitta and certain of his affiliates may be exchanged falls below 30% of the total number of Class A common stock issued and outstanding. Amended and Restated HoldCo LLC Agreement At the Closing, the Company, Landcadia HoldCo and LF LLC will enter into the Amended and Restated HoldCo LLC Agreement, which will provide, among other things, that after six months from the Closing, the HoldCo Class B Units held by LF LLC may be exchanged for shares of Class A common stock. One share of the Class B common stock held by LF LLC will be canceled for each HoldCo Class B Unit exchanged. The Amended and Restated Holdco LLC Agreement provides for additional issuances of HoldCo Class B Units to LF LLC in consideration of payments to be made following Closing by LF LLC in connection with an existing intercompany agreement for the purpose of payment of interest under the Credit Agreement. The additional HoldCo LLC Class B Units will be issued at the then-current market price of the Class A common stock calculated as set forth in the Amended and Restated LLC Agreement. Amendment to Insider Letter At the Closing, certain insiders of the Company, including the Sponsors, and certain of the Company’s directors, will enter into an amendment (the “Lock-Up Amendment”) to a letter agreement entered into on May 6, 2019 in connection with the Company’s initial public offering (the “Letter Agreement”), which adds an additional acceleration event as an exception to the lock-up period contemplated under the Letter Agreement based on a certain price target of the Company’s common stock following a period of 60 days after the Closing. The exceptions under the Letter Agreement and the Lock-Up Amendment do not apply to the HoldCo Class B Units or shares of New Class B Common Stock to be received by LF LLC pursuant to the Purchase Agreement. Amended and Restated Registration Rights Agreement At the Closing, the Company and certain of its investors will amend and restate the existing registration rights agreement in a form mutually agreed by the Company and LF LLC.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Summary of Significant Accounting Policies
Basis of Presentation	Principals of Consolidation and Basis of Presentation Our consolidated financial statements include the accounts of Landcadia Holdings II, Inc. and all subsidiaries in which we hold a controlling financial interest. These unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. The interim financial information provided is unaudited, but includes all adjustments which management considers necessary for the fair presentation of the results for these periods. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year period and should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Form 10‑K filed with the SEC on March 27, 2020.
Use of Estimates	Use of Estimates The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Emerging Growth Company	Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Cash and Cash equivalents	Cash and Cash equivalents The Company considers cash equivalents to be all short-term investments with an original maturity of three months or less when purchased. Cash consists of proceeds from the Public Offering and Private Placement held outside of the Trust Account and may be used to pay for business, legal and accounting due diligence for the Business Combination and continuing general and administrative expenses.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts with a financial institution which may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and the Company believes that it is not exposed to significant risks on such accounts.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurement and Disclosures,” approximates the carrying amounts represented in the balance sheet.
Offering Costs	Offering Costs The Company complies with the requirements of FASB ASC 340-10-S99-1 and SEC Staff Accounting Bulletin ("SAB") Topic 5A-"Expenses of Offering." Offering costs of approximately $700,000 consisted of costs incurred for legal, accounting, and other costs incurred in connection with the formation and preparation of the Public Offering. These costs, together with $17,393,750 in underwriting commissions, were charged to additional paid-in capital upon the closing of the Public Offering.
Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities were $144,929 and $289,830 as of June 30, 2020 and December 31, 2019, respectively. Accounts payable and accrued liabilities on June 30, 2020 primarily consist of Delaware franchise tax expenses and other general and administrative costs.
Loss Per Common Share	Loss Per Common Share Basic loss per common share is computed by dividing net income applicable to common stockholders by the weighted average number of common shares outstanding during the period. All shares of Class B common stock are assumed to convert to shares of Class A common stock on a one-for-one basis. Consistent with FASB ASC 480, shares of Class A common stock subject to possible redemption, as well as their pro rata share of undistributed trust earnings consistent with the two-class method, have been excluded from the calculation of loss per common share for the three and six months ended June 30, 2020. Such shares, if redeemed, only participate in their pro rata share of trust earnings, see Note 3. Diluted loss per share includes the incremental number of shares of common stock to be issued in connection with the conversion of Class B common stock or to settle warrants, as calculated using the treasury stock method. For the three and six months ending June 30, 2020 and 2019, the Company did not have any dilutive warrants, securities or other contracts that could, potentially, be exercised or converted into common stock. As a result, diluted loss per common share is the same as basic loss per common share for all periods presented. In accordance with FASB ASC 260, the loss per share calculation reflects the effect of the stock splits as discussed in Note 3. A reconciliation of net loss per common share as adjusted for the portion of income that is attributable to common stock subject to redemption is as follows: Three months ended Six months ended June 30, June 30, 2020 2019 2020 2019 Numerator: Net income (loss) - basic and diluted $ 60,131 $ 842,508 $ 810,482 $ 821,534 Less: Income attributable to common stock subject to possible redemption (274,407) (902,243) (1,138,584) (902,243) Net loss available to common shares $ (214,276) $ (59,735) $ (328,102) $ (80,709) Demoninator: Weighted average number of shares - basic 9,368,136 8,282,500 9,360,902 6,698,270 Warrants — — — — Weighted average number of shares - diluted 9,368,136 8,282,500 9,360,902 6,698,270 Basic and diluted loss available to common shares $ (0.02) $ (0.01) $ (0.03) $ (0.01)
Income Taxes	Income Taxes The Company complies with the accounting and reporting requirements of FASB ASC 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. There were no unrecognized tax benefits as of June 30, 2020 and December 31, 2019. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at June 30, 2020 and December 31, 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities for years after 2015. On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") into law. The Cares Act includes several significant business tax provisions that, among other things, eliminates the taxable income limit for certain net operating losses ("NOL") and allows businesses to carryback NOLs arising in 2018, 2019, and 2020 to the five prior years; suspends the excess business loss rules; accelerates refunds of previously generated corporate alternative minimum tax credits; adjusts business interest limitations under IRC section 163(j) from 30% to 50%; and addresses other technical corrections included in the Tax Cuts and Jobs Act tax provisions. The Company is still evaluating the impact, if any, of the CARES Act on its financial position, results of operations and cash flows. The effective tax rate was 21.0% for all periods presented.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Summary of Significant Accounting Policies
Schedule of Net loss per common share	Three months ended Six months ended June 30, June 30, 2020 2019 2020 2019 Numerator: Net income (loss) - basic and diluted $ 60,131 $ 842,508 $ 810,482 $ 821,534 Less: Income attributable to common stock subject to possible redemption (274,407) (902,243) (1,138,584) (902,243) Net loss available to common shares $ (214,276) $ (59,735) $ (328,102) $ (80,709) Demoninator: Weighted average number of shares - basic 9,368,136 8,282,500 9,360,902 6,698,270 Warrants — — — — Weighted average number of shares - diluted 9,368,136 8,282,500 9,360,902 6,698,270 Basic and diluted loss available to common shares $ (0.02) $ (0.01) $ (0.03) $ (0.01)

Nature of Business and Subseq_2

Nature of Business and Subsequent Events (Details) - USD ($)	May 09, 2019	May 09, 2019	Mar. 13, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Nature Of Business [Line Items]
Price per unit	$ 10	$ 10
Warrant exercise price	$ 11.50	$ 11.50
Tax expense				$ 15,984	$ 218,382	$ 215,445	$ 218,382
Percentage refers to fair market value of business transaction			80.00%
Percentage of outstanding voting securities				50.00%		50.00%
Net tangible assets				$ 5,000,001		$ 5,000,001
Percentage refers to redemption of shares if no business combination occurs						15.00%
Continental Stock Transfer & Trust Company (the "Trust Account")
Nature Of Business [Line Items]
Tax expense				$ 70,952		$ 177,431
Withdrawal of interest to pay dissolution expenses						$ 100,000
Public Offering
Nature Of Business [Line Items]
Number of units issued | shares	31,625,000					31,625,000		31,625,000
Public Offering | Continental Stock Transfer & Trust Company (the "Trust Account")
Nature Of Business [Line Items]
Proceeds from sale of stock		$ 316,250,000
Number of units issued | shares		31,625,000
Percentage of public shares redeemed						100.00%
Private placement
Nature Of Business [Line Items]
Proceeds from warrants outstanding	$ 8,825,000	$ 8,825,000
Aggregate sponsor warrants	5,883,333	5,883,333
Warrant exercise price	$ 1.50	$ 1.50
Over allotment | Continental Stock Transfer & Trust Company (the "Trust Account")
Nature Of Business [Line Items]
Number of units issued | shares		4,125,000
Price per unit	$ 10	$ 10

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Summary of Significant Accounting Policies
Federal Deposit Insurance Corporation Premium Expense			$ 250,000
Offering Costs			700,000
Under writers Commissions			17,393,750
Accounts payable and accrued liabilities	$ 144,929		144,929		$ 289,830
Unrecognized tax benefits	0		0		0
Unrecognized tax benefits, accrued interest and penalties	$ 0		$ 0		$ 0
Effective tax rate	21.00%	21.00%	21.00%	21.00%
Tax provision	$ 15,984	$ 218,382	$ 215,445	$ 218,382

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Net Loss per Common Share (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net income (loss) - basic and diluted	$ 60,131	$ 750,351	$ 842,508	$ (20,974)	$ 810,482	$ 821,534
Less: Income attributable to common stock subject to possible redemption	(274,407)		(902,243)		(1,138,584)	(902,243)
Net loss available to common shares	$ (214,276)		$ (59,735)		$ (328,102)	$ (80,709)
Denominator:
Weighted average number of shares - basic	9,368,136		8,282,500		9,360,902	6,698,270
Warrants			0
Weighted average number of shares - diluted	9,368,136		8,282,500		9,360,902	6,698,270
Basic and diluted loss available to common shares	$ (0.02)		$ (0.01)		$ (0.03)	$ (0.01)

Stockholder's Equity (Details)

Stockholder's Equity (Details) - USD ($)	May 09, 2019	May 06, 2019	Mar. 13, 2019	Feb. 14, 2019	Feb. 14, 2019	Dec. 31, 2015	Jun. 30, 2019	Jun. 30, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Capital shares authorized				221,000,000	221,000,000
Preferred stock authorized				1,000,000	1,000,000			1,000,000	1,000,000
Preferred stock par value (in dollars per share)				$ 0.0001	$ 0.0001			$ 0.0001	$ 0.0001
Stock split description of founders shares		1:1.10	1:1.25	1:2,775
Net Tangible Assets								$ 5,000,001
Jefferies Financial Group Inc
Class of Stock [Line Items]
Stock issued during period, shares						1,000
Stock issued during period, value						$ 1,000
Percentage of issued and outstanding shares						100.00%
Founders shares
Class of Stock [Line Items]
Common stock par value (in dollars per share)		$ 0.001
Common stock issued		7,906,250
Common stock outstanding		7,906,250
Invested capital		$ 11,000
Founders shares | Fertitta Entertainment, Inc
Class of Stock [Line Items]
Stock issued during period, shares					2,975,000
Stock issued during period, value					$ 10,000
Public Offering
Class of Stock [Line Items]
Number of units issued | shares	31,625,000							31,625,000	31,625,000
Class A common stock
Class of Stock [Line Items]
Stock issued during period, value							$ 316,250,000
Common stock authorized				200,000,000	200,000,000			200,000,000	200,000,000
Common stock par value (in dollars per share)	$ 0.0001			$ 0.0001	$ 0.0001			$ 0.0001	$ 0.0001
Common stock issued								1,476,083	1,443,549
Common stock outstanding								1,476,083	1,443,549
Redeemable shares issued (in shares)								30,148,917	30,181,451
Class B common stock
Class of Stock [Line Items]
Common stock authorized								20,000,000	20,000,000
Common stock par value (in dollars per share)								$ 0.0001	$ 0.0001
Common stock issued								7,906,250	7,906,250
Common stock outstanding								7,906,250	7,906,250
Class B common stock | Founders shares
Class of Stock [Line Items]
Common stock authorized				20,000,000	20,000,000
Common stock par value (in dollars per share)				$ 0.0001	$ 0.0001
Redeemable shares
Class of Stock [Line Items]
Redeemable shares issued (in shares)								30,148,917	30,181,451
Redeemable shares | Public Offering
Class of Stock [Line Items]
Redeemable shares issued (in shares)								31,625,000

Public Offering (Details)

Public Offering (Details)	May 09, 2019$ / sharesshares	May 09, 2019USD ($)$ / shares	Jun. 30, 2020$ / sharesshares	Dec. 31, 2019$ / sharesshares	Feb. 14, 2019$ / shares
Subsidiary or Equity Method Investee [Line Items]
Price per unit	$ 10	$ 10
Warrant Convertible Ratio	0.33
Warrant exercise price	$ 11.50	11.50
Warrant exercisable term, after the completion of the Business Combination	30 days
Warrant exercisable term, from the closing of the public offering	12 months
Redemption price per warrant	$ 0.01	$ 0.01
Underwriting discount | $		$ 6,325,000
Underwriting discount per unit		0.20
Additional fee deferred discount | $		$ 11,068,750
Additional fee deferred discount per unit		0.35
Class A common stock
Subsidiary or Equity Method Investee [Line Items]
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Public Offering
Subsidiary or Equity Method Investee [Line Items]
Number of units issued | shares | shares	31,625,000		31,625,000	31,625,000
Warrants redemption description		the Company may call the warrants for redemption: (i) in whole and not in part; (ii) at a price of $0.01 per warrant; (iii) upon not less than 30 days' prior written notice of redemption to each warrant holder; and (iv) if, and only if, the reported closing price of the Class A common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders.

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Jun. 12, 2019	May 14, 2019	May 09, 2019	May 09, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Feb. 14, 2019
Related Party Transaction [Line Items]
Warrant exercise price			$ 11.50	$ 11.50
Restriction to transfer sponsor warrants				The Sponsor Warrants (including the Class A common stock issuable upon exercise of the Sponsor Warrants) are not transferable, assignable or salable until 30 days after the completion of the Business Combination and they are non-redeemable so long as they are held by the initial purchasers of the Sponsor Warrants or their permitted transferees.
Sponsor indemnification description							The Sponsors have agreed that they will be jointly and severally liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share or (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable; provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company's indemnity of the underwriters of the Public Offering against certain liabilities, including liabilities under the Securities Act.
Maximum amount of unsecured promissory note outstanding form sponsors										$ 300,000
Maximum amount of loan convertible in to warrants					$ 1,500,000		$ 1,500,000
Warrant exercise price for conversion of loan							$ 1.50
Public Offering
Related Party Transaction [Line Items]
Number of units issued | shares			31,625,000				31,625,000		31,625,000
Public Offering | Continental Stock Transfer & Trust Company (the "Trust Account")
Related Party Transaction [Line Items]
Number of units issued | shares				31,625,000
Proceeds from sale of stock				$ 316,250,000
Private placement
Related Party Transaction [Line Items]
Aggregate sponsor warrants			5,883,333	5,883,333
Warrant exercise price			$ 1.50	$ 1.50
Proceeds from warrants outstanding			$ 8,825,000	$ 8,825,000
Founders shares
Related Party Transaction [Line Items]
Number of share issued for each founder share							one-for-one basis
Threshold closing price of common stock							$ 12
Threshold trading days for conversion of founders Shares							20 days
Restriction to transfer founders shares							The holders of the Founders Shares have agreed not to transfer, assign or sell any of their Founders Shares until one year after the completion of the Business Combination, or earlier if, subsequent to the Business Combination, (i) the closing price of the Company's common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination or (ii) the date on which the Company completes a liquidation, merger, stock exchange or other similar transaction after the Business Combination that results in all of the Company's stockholders having the right to exchange their shares of common stock for cash, securities or other property (the ‘‘Lock Up Period'').
Founders shares | Initial stockholders
Related Party Transaction [Line Items]
Ownership percentage of initial stockholders					20.00%		20.00%
Founders shares | Jefferies LLC [Member]
Related Party Transaction [Line Items]
Ownership percentage of initial stockholders					48.30%		48.30%
Fertitta Entertainment, Inc
Related Party Transaction [Line Items]
Number of sponsor warrants assigned and transferred	2,941,667
Value of warrants assigned and transferred	$ 4,412,500
Fertitta Entertainment, Inc | Tilman J. Fertitta
Related Party Transaction [Line Items]
Number of founders shares assigned and transferred	4,090,625
Value of founders shares assigned and transferred	$ 10,000
Fertitta Entertainment, Inc | Administrative services agreement
Related Party Transaction [Line Items]
Per month payment for office space, utilities and secretarial and administrative support							$ 10,000
Administrative services fees					$ 30,000	$ 30,000	$ 60,000	$ 50,000
Jefferies Financial Group Inc
Related Party Transaction [Line Items]
Repayments of unsecured promissory notes		$ 83,470

Purchase Agreement - Structure;

Purchase Agreement - Structure; Consideration to be Paid in the Transaction (Details) $ / shares in Units, $ in Millions	Jun. 28, 2020USD ($)Vote$ / sharesshares	Jun. 30, 2020$ / shares	Dec. 31, 2019$ / shares
Class B common stock
Business Acquisition [Line Items]
Common stock, par value | $ / shares		$ 0.0001	$ 0.0001
GNOG HoldCo | LF LLC | Landcadia HoldCo
Business Acquisition [Line Items]
Cash consideration	$ 30
Repayment representing one half of the existing principal amount under an existing credit agreement	150
Fees and expenses	$ 24
GNOG HoldCo | LF LLC | Landcadia HoldCo | Class B common stock
Business Acquisition [Line Items]
Shares issued | shares	31,350,625
GNOG HoldCo | LF LLC | Landcadia HoldCo | Class B membership interests
Business Acquisition [Line Items]
Shares issued | shares	31,350,625
Common stock, par value | $ / shares	$ 0.0001
Number of votes per share | Vote	10

Purchase Agreement - Transactio

Purchase Agreement - Transaction (Details)	Jun. 28, 2020shares
LF LLC | Class B membership interests
Business Acquisition [Line Items]
Number of common stock cancellation for each unit exchanged	1
Landcadia HoldCo
Business Acquisition [Line Items]
Ownership interest	54.10%
Landcadia HoldCo | LF LLC
Business Acquisition [Line Items]
Ownership interest	45.90%
Landcadia HoldCo | LF LLC
Business Acquisition [Line Items]
Threshold period from the closing, the units held may be exchanged for shares of common stock	6 months
Landcadia HoldCo | LF LLC | Class B common stock
Business Acquisition [Line Items]
Number of common stock cancellation for each unit exchanged	1
Landcadia HoldCo | LF LLC | Class A common stock
Business Acquisition [Line Items]
Number of units redeemable per share	1
Market value of number of shares into which units are redeemable for cash	1

Purchase Agreement - Terminatio

Purchase Agreement - Termination and other agreements (Details) - USD ($) $ in Millions	Jun. 28, 2020	Jun. 30, 2020
Business Acquisition [Line Items]
Threshold cash balance immediately following the closing of transaction		$ 80
Threshold period from the closing, the amendment to insider letter will be made	60 days
LF LLC
Business Acquisition [Line Items]
Threshold cash balance immediately following the closing of transaction	$ 80
Tax receivable agreement, percentage of U.S. federal income tax savings	85.00%
LF LLC | Landcadia HoldCo
Business Acquisition [Line Items]
Threshold period from the closing, the units held may be exchanged for shares of common stock	6 months
LF LLC | Class B membership interests
Business Acquisition [Line Items]
Number of common stock cancellation for each unit exchanged	1
LF LLC | Mr. Fertitta and certain of his affiliates
Business Acquisition [Line Items]
Maximum voting power held by sponsors	79.90%
LF LLC | Mr. Fertitta and certain of his affiliates | Class A common stock
Business Acquisition [Line Items]
Threshold percentage of total number of common stock issued and outstanding held by related party	30.00%