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Pokerstars Drops Try To Buy Atlantic City Casino
Saturday August 3,2013 : POKERSTARS FOLDS ON ATLANTIC CLUB CASINO ACQUISITION
But land casino operator may not get away with $11 million advance payment
Pokerstars parent, The Rational Group, appears to have put the abortive attempt to acquire the Atlantic Club land casino in New Jersey behind it, advising the New Jersey Division of Gaming Enforcement this month that it is no longer pursuing the acquisition.
The company ran out of time in acquiring the necessary licensing, and Atlantic Club's owners refused to extend the acquisition agreement, backing out of the deal and retaining around $11 million of Rational's upfront payment.
Litigation followed, but the judicial ruling went against the Isle of Man company.
The Press of Atlantic City reports that Rational's legal representative notified the regulator on July 17 in a letter which disclosed that Rational was withdrawing its petition to acquire Atlantic Club.
The regulator released the letter Friday, and it was subsequently confirmed by Rational group communications director, Eric Hollreiser.
Rational has not given up on a New Jersey presence, and has started negotiations with Resorts Casino Hotel . An Atlantic City presence is crucial for companies planning to enter the evolving New Jersey online gambling market, where regulations call for servers to be located in Atlantic City.
Rational has likewise not abandoned its legal claim for monetary damages against Atlantic Club's owners, Hollresier said Friday. He explained that Rational no longer seeks the acquisition of Atlantic Club, but that it intends to recover the $11 million it paid upfront as part of an agreed purchase price of $15 million.
Atlantic Club owners Colony Capital LLC had not commented when InfoPowa went to press Saturday morning.
The Press of Atlantic City reports that Rational is currently seeking regulatory approval as a “casino service industry enterprise,” which would allow Pokerstars to partner with Resorts in a New Jersey Internet gambling enterprise.
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Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
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MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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