PokerStars’ Atlantic City Casino Deal Falls Through
Late last year, PokerStars’ parent company Rational Group agreed to purchase the troubled Atlantic Club Casino in Atlantic City for a reported $50 million. This would be a move that would potentially give the online poker operator a legal open door into the U.S. online gambling space thanks to the newly enacted New Jersey online gaming rules. The deal was expected to protect 2,000 jobs at the casino property.
The purchase attracted criticism and protest from the country’s largest lobbying group representing land-based casino corporations, the American Gaming Association who attempted to block PokerStars’ licensing process in New Jersey.
Despite the AGA’s efforts, up until a few weeks ago, it appeared as though the deal was moving along and that the licensing application was near completion but the initial terms of the deal expired on Friday and now appears to be history.
PokerStars will have to find some other way to enter the U.S. market. With their war chest of funds, they can potentially find another casino to acquire.