PokerStars Atlantic City Casino Purchase Dealayed
Just when it appeared that everything was going smoothly in New Jersey as far as gambling and especially poker was concerned, we have hit another delay in progress. PokerStars planned buyout and take over of the Atlantic Club Casino in the Garden State has been put on hold due to the fact that the Interim Casino Authorization petition is not yet with the New Jersey Division of Gaming Enforcement. The fact that this document is not even with the correct department as yet means that there can be no way of moving forward. When Division of Gaming Enforcement do receive the petition there is also a 90 day review period that needs to be fulfilled. There's little doubt that there will be forward movement however this will not be until at the very earliest later this summer. The purchase is said to be in the region of costing Stars between $20 and $50 million, however they do face opposition from the American Gaming Association on the whole deal. The AGA has contacted relevant parties with a letter stating that the purchase be prohibited and even suggested that PokerStars was a criminal enterprise.
PokerStars Vs The AGA
PokerStars did of course respond to the AGA claiming that the AGA had nothing but 'other economic motives' for the sale to be blocked. The reply from Stars was a 15 page letter from parent company Rational Holding's lawyers. Regarding the AGA looking after its own interests and not the interest of Atlantic City the attorneys stated that, "There is no precedent recognizing the right of a trade association comprised of competing casinos to participate in a license application, for all of its lofty rhetoric, the only interest the AGA actually has in this proceeding derives from the fact that some of its members perceive themselves to be Rational's competitors." When all is said and done however it is the state of New Jersey that will have the final say on this matter.