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ATLANTIC CLUB SALE GLITCH MAY BE MORE SERIOUS THAN WAS AT FIRST THOUGHT
01st May, 2013 at 15:04:55
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 (see previous reports).
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.
Related News Tags: Atlantic City, Pokerstars, New Jersey
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Analyst says sector likely to deliver Euro 500 million in Revenues in 2017.
BULLISH FORECAST FOR PENNSYLVANIA ONLINE GAMBLING
28th March, 2017 at 19:47:54
Hundreds of millions of dollars in new tax revenue possible with legalisation.
ONCE RATIONAL GROUP IS PAID OFF, WILL AMAYA BE LOOKING FOR ACQUISITIONS?
24th March, 2017 at 16:47:40
$4.9 billion consideration agreed for Rational Group in 2014 is due for final payment this year...but what then for Amaya?
MORE DETAILS ON COSTA ONLINE GAMBLING LEGALISATION BILL IN PENNSYLVANIA (Update)
21st March, 2017 at 21:54:56
Senator Jay Costa introduces his bill SB524 with the support of three other senators.
NOW WEST VIRGINIA EYES ONLINE GAMBLING LEGALISATION
18th March, 2017 at 06:34:19
New legalisation bill follows earlier challenge to PASPA