12/07/2012 : POKERSTARS INTERESTED IN ACQUIRING ATLANTIC CITY LAND CASINO?
Wall Street Journal report suggests that online poker giant has targeted Atlantic Club
The venerable business publication The Wall Street Journal set the news wires afire late Thursday with a report that the Isle of Man-based online poker giant Pokerstars is discussing the acquisition of an Atlantic City land casino – the Atlantic Club- – with owners Colony Capital LLC.
The major wire services pounced on the story, reporting that last year Atlantic Club managed revenues of $110 million.
The Wall Street piece cites several unidentified sources close to the deal as saying that the purchase price being negotiated would be less than $50 million, but cautioned that the deal was still weeks away from closing and could fall through.
None of the parties involved was prepared to comment when approached by various news organisations.
Reuters reports suggested that the Pokerstars interest may have been spurred by moves in New Jersey to legalise online gambling provided the servers were located within AC licensed land casinos.
Earlier this week New Jersey State Senator Ray Lesniak predicted that New Jersey could pass legalising legalization before the end of the year.
Earlier this year Pokerstars has cleared its legal slate with the US Department of Justice in an expensive settlement that involved the acquisition of Full Tilt Poker.