PokerStars and Atlantic City Casino Deal - Cancelled?
While many of us were hoping that this potential deal would not turn into an ongoing saga, it seems that this may be the case. The on-off stories continue to pour out and the latest news is that the deal is off. According to Michael Fawley the COO of the Atlantic Club Casino, that is the case, it's off. This comes after months of speculation surrounding the deal and what we all thought was a sure thing was in fact the opposite, as PokerStars parent company the Rational Group failed to obtain an interim casino license from the state of New Jersey and therefore failed to meet the deadline for the deal to be completed. At the time that announcement was made however, the word was that it was off until at least this coming August, however things changed when Frawley announced that the deal was completely dead in the water but did not give a reason why other than that the sale was, “terminated in accordance with its terms.”
The casino itself has mounting debts and the Stars buyout was seen to be the answer and could have possibly turned the casino around whilst at the same time securing many jobs. PokerStars have not yet spoken on the issue and many are waiting to hear why they have pulled out when they could of renegotiated a little and waited for the license application to have run it's due course. This deal would have marked a spectacular return to the US market for the online poker giant and many, indeed Ray Lesniak who is the man who pushed regulated online gambling in the Garden State were 100% behind it. There was huge opposition from the American Gaming Association but again, there has been no mention of that regarding the deal. Meanwhile however, Mr Frawley has stated that, “The advent of New Jersey’s online gaming legislation has changed Atlantic City’s future for the better and The Atlantic Club is absolutely going to be a part of that future.” That may be the case, but it's looking more likely that it will be without PokerStars behind it.......for the meantime.