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2UP Gaming Looking For Atlantic City Casino

Friday July 26,2013 : ONLINE GAMBLING FIRM IN BID FOR AN ATLANTIC CITY LAND CASINO
 
Multi-million dollar anonymous Asian backing for UK public company 2UP Gaming.
 
Taking the market by surprise Thursday was an announcement by the Brit publicly listed online gambling company 2UP Gaming plc that it has significant financial backing from an anonymous Asian source to acquire an Atlantic City land casino.
 
2UP Gaming's situation rings the changes on the more usual deals, in which New Jersey land casino operators partner up with established remote gaming companies to take advantage of the state’s new online gambling regulatory regime, which restricts licensing to Atlantic City land operators.
 
It also has echoes of the effort that Pokerstars parent The Rational Group is devoting to acquiring an AC land casino
 
Producing proof of its intentions, on Thursday 2UP issued a press statement announcing that a letter of intent has been signed with an at this stage unidentified “Asian investment group” which has committed to an investment of up to $330 million to acquire an existing Atlantic City land casino.
 
Current planning calls for the finalisation of the definitive agreement by no later than September 9 2013.
 
In the statement 2UP chief exec Marino Sussich revealed that 2UP has been positioning itself to be a major player in the international i-gaming market, with a particular focus on what he termed the "emerging markets," and had future plans to launch into a legalised US market.
 
Sussich revealed that the Asian deal had been facilitated by Vincent Crandon, managing director of New York-based project finance outfit MidOil USA., which has apparently already assembled a qualified local team in anticipation of New Jersey success.
 
Curacao licensed and London-listed 2UP originated in Melbourne, Australia several years ago. It came to notice in January this year, when it announced the Euro 25 million acquisition of the Italian DBG Poker Group.
 
Even at that early stage there were hints that ownership of a land casino in the United States was on the cards.
 
2UP's Web presence currently consists of the 2up.com website, which is ostensibly a trial venue for the firm's online casino and poker products.
 
Industry observers have pointed to Colony Capital's Atlantic Club casino as a likely target. The subject of a controversial and ultimately abortive deal with The Rational Group earlier this year, the cash-strapped and debt burdened land casino is apparently still available and could provide 2UP with the sort of vehicle it could use to further any land casino ambitions, or for that matter plans to enter the New Jersey online gambling market.
 
That would eventually entail revealing the identity of the Asian backers, which could be interesting.
 
Time will also be of the essence, bearing in mind the November 29 deadline for New Jersey online gambling licensing applicants to file documents with the state regulator.
 
One thing is for sure - the announcement has caught the industry's attention, and the information presented at 2UP's agm on August 9th will be pored over by industry experts.



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NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

Sit & Go 2.0 launched online exclusively at Americas Cardroom - Get ready to cheer like a champion before the first flop is even dealt. The much-anticipated Sit & Go 2.0 is now launched online exclusively at Americas Cardroom and Sit & Go players are reaping the benefits of the next evolution of poker.

NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

Mega Moolah progressive jackpot Hit Again - Microgaming’s Mega Moolah progressive jackpot slot has been hit yet again at just over €6.6 million!

NBA Odds: Clippers Try to Slow Down Bucks in LA - Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.

NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

NHL Odds: Reeling Flyers Seek Relief in Pittsburgh - #nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.

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