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2Up Gaming Close To Atlantic City Deal

Friday August 30,2013 :  ONLINE GAMBLING GROUP CLOSING IN ON ATLANTIC CITY LAND CASINO PURCHASE (Update)
 
Asian and American financed 2UP Gaming said to be close to a deal
 
The Asian and American-backed UK online gambling group 2UP Gaming is close to clinching a deal to acquire an unnamed Atlantic City casino as it pursues New Jersey online gambling ambitions, reports the publication Press of Atlantic City.
 
A source involved in the deal refused to disclose the target acquisition, but intimated that it was one of the nine land casinos on the AC boardwalk.
                       
Earlier this year London-based newcomer 2UP Gaming and investment firm MidOil USA claimed to have $330 million in investment backing from mainly Asian sources, which would be used to either acquire and revamp an existing AC casino or build a new one as the base for legalised online gambling in New Jersey.
 
MidOil managing director Vince Crandon, who is managing the 2UP project, told Press of Atlantic City that the objective now is to finalise a sale agreement with the unnamed land casino owners, with 2UP's Asian backers on their way to the United States to complete the deal.
 
“Building is off the table,” Crandon said. “It’s absolutely an acquisition of an existing property.”
 
“We’ve agreed on the price and other conditions. I just need to get a final agreement done,” Crandon said Thursday.
 
Full details would be released once the agreement had been finalised, he promised.
 
Matthew Levinson, chair of the New Jersey Casino Control Commission, confirmed he had held discussions with Crandon, but that he had not been informed on the target of the 2UP initiative.
 
“This shows that people are still interested in Atlantic City,” Levinson told the Press of Atlantic City. “If 2UP buys or builds or even if nothing happens, it still shows that companies like 2UP and MidOil are interested. Hopefully, I’ll see more of these projects come to my door.”
 
Two Boardwalk properties, Atlantic Club Casino Hotel and Trump Plaza Hotel and Casino, are known to be looking for buyers.
 
Under New Jersey’s new Internet gambling law, online casinos must have a physical presence in Atlantic City to offer Web bets. The existing 12 casino hotels are lining up partnerships with online companies for Internet gambling sites.
 
2UP has filed an application with the New Jersey Division of Gaming Enforcement for an Internet license, Crandon said.

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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