Wednesday May 1, 2013 : ATLANTIC CLUB SALE GLITCH MAY BE MORE SERIOUS THAN WAS AT FIRST THOUGHT
Land casino exec says "the deal is off" and that he is open to other offers
Originally thought to be a mere "agreement time-expired" glitch, the acquisition deal between Pokerstars parent The Rational Group and Atlantic City land casino Atlantic Club owners, Colony Capital LLC could be more serious than was at first thought.
The agreement called for Rational to obtain an interim casino licence from the New Jersey regulators by April 26 2013, a date that has since passed, rendering the agreement invalid.
However, the Associated Press news agency reports that the deal has been terminated, with the casino's chief operating officer Michael Frawley confirming this.
Frawley told AP that the casino will aggressively pursue any other opportunities made possible by the advent of online gambling in New Jersey. The state legalised Internet gambling this year and the first online bets are expected by year's end.
Rational planned to make The Atlantic Club the first land casino in America to be fully owned by an online gambling company.
More details on the issue are now awaited.