PokerStars Offers To Buy Atlantic City Casino
PokerStars And Full Tilt Owner, Rational Group, Seeks Regulatory Approval For U.S. Casino Purchase
Rational Group, the owner of PokerStars and Full Tilt Poker, has offered to buy the Atlantic Club Casino Hotel in Atlantic City, New Jersey for an undisclosed sum.
The move marks the first attempt by the company to gain a foothold in the U.S. market since PokerStars online gaming-related $547 million settlement with the U.S. Department of Justice last year.
The deal will now go before New Jersey regulators. The company said in its application, "Rational US is a willing and enthusiastic prospective purchaser, and it intends to improve the financial viability of the property, and therefore the offerings available in Atlantic City.
“The purchase will improve the overall economic and competitive conditions of Atlantic City and the state of New Jersey, as the current owner of the company has, for a considerable period of time, been marketing the property for sale.”
Michael Frawley, the casino’s chief operating officer, and Eric Hollreiser, PokerStars head of corporate communications, said in a statement, "The acquisition of The Atlantic Club Casino Hotel will secure up to 2,000 jobs and maintain the economic benefits the casino brings to New Jersey.
“During this interim period, the Atlantic Club Casino Hotel will operate as normal under current management, which will be retained following completion of the acquisition.”
The Casino has struggled under the ownership of Resorts International Holdings which is owned by a Los Angeles hedge fund.
Last year revenue fell 11 percent to $127.2 million and it made a loss of $13.6 million in the first nine months of the year.
Last month New Jersey passed an online gambling bill which could pave the way for legal online poker in the state.
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