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.