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Churchill Downs Suing AC Casino Executive Nicholas L. Ribis
Wednesday February 5,2014 : U.S. RACING FIRM SUES FORMER ATLANTIC CITY CASINO EXEC
Churchill Downs wanted to launch an online gambling operation in New Jersey
The Kentucky horse racing group Churchill Downs claimed in a Louisville court this week that it was defrauded by Atlantic City casino executive Nicholas L. Ribis in a deal that would have allowed the racing company to launch an online gambling operation in New Jersey.
The publication WDRB reports that Churchill Downs claims Ribis "strung the company along" last year by leading it to believe that he was close to buying the Showboat Atlantic City Hotel and Casino from Caesars Entertainment Corp., which would have given Churchill entree to the New Jersey online gambling marker.
Ribis, however, failed to close the deal.
Churchill Downs Interactive Gaming's court submission shows that the company had planned to develop an internet gaming and online gambling system connected to Showboat.
Churchill paid Ribis' company NLR Entertainment LLC a $2.5 million "earnest money" deposit and was to pay Ribis' business an additional $7.5 million once the sale of Showboat closed no later than January 31, according to the complaint filed in Jefferson Circuit Court.
And Churchill spent $10 million to purchase intellectual property and to hire more than 20 engineers to develop the online gaming platform, the suit reveals.
Churchill seeks to recoup the $2.5 million deposit from Ribis and asks for unspecified damages to be determined at a trial.
Churchill spokeswoman Courtney Norris declined to comment due to the launch of litigation.
WDRB reports that although it was unable to find a contact number for Ribis, his name has in the past been associated in a management capacity with various US gambling concerns, including the Atlantic Club Casino Hotel; the Atlantic City Hilton Casino Resort; Resorts Atlantic City: and Trump Hotels & Casino Resorts Inc.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
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