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Pokerstars Injuction Hurting Atlantic Club Casino

Tuesday May 14, 2013 : ATLANTIC CLUB SEEKS TO SET ASIDE POKERSTARS INJUNCTION
 
"Catastrophic" if restraining order is not lifted, Atlantic Club owners claim
 
Colony Capital, the owners of the troubled Atlantic Club in New Jersey, has responded to the temporary restraining order obtained by Pokerstars parent The Rational Group preventing them from seeking another buyer for the casino.
 
In what is becoming an increasingly bitter relationship, Rational was successful last week in obtaining a temporary restraining order as the two companies fought over whether the Pokerstars acquisition could go forward .
 
Rational has already handed over more than $11 million on the deal, which Colony is attempting to derail, citing time constraints on the original contract that were not met due to licensing delays.
 
On Monday Colony asked an Atlantic County court for an immediate cancellation of the temporary injunction prior to a court hearing scheduled for Friday May 17.
 
In its filing, Colony claimed that Pokerstars had failed to prove it would suffer irreparable harm should the injunction not be granted.
 
“[It] would be a catastrophic result for the Atlantic Club if the temporary restraining order is not vacated and the request for a preliminary injunction is not denied,” Colony’s attorneys wrote.
 
“Sellers would almost certainly miss the opportunity to pursue other options during the critical summer season and prior to the November 2013 launch of online gaming in New Jersey.”
 
Colony's attorneys also claim that Pokerstars wants to extend the time limit for it to become licensed "for many months," although there are serious doubts that the online poker company "...will ever obtain [regulatory approval] in New Jersey.”
 
Astonishingly, Atlantic Club's owners claim in their filing that they only became aware in March this year that Pokerstars officials “...were associated with serious criminal activities more extensive and unresolved than previously disclosed,” a reference to the Black Friday indictments on which Pokerstars spent hundreds of millions of dollars in achieving a settlement with US authorities and helping to resolve the subsequent Full Tilt Poker debacle.

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Gambling News :

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

LeoVegas To Sponsor Leicester Tigers - The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.

Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

CAGAYAN CHIEF MOVES TO REASSURE LICENSEES - Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.

New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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