PokerStars' planned purchase of the Atlantic Club Casino Hotel has for the moment fallen apart, though it wishes to save the deal. The Hotel's Chief Operating Officer Michael Frawley addressed the press Wednesday but did not offer specifics on what led to the deal being scrapped, just weeks after PokerStars applied to the NJ Division of Gaming Enforcement (DGE).
“Our purchase agreement with PokerStars has been terminated in accordance with its terms," stated the hotel's COO Michael Frawley.
SBR reported on April 18th that the DGE had 90 days to review PokerStars application to acquire the struggling Atlantic City hotel.
Sportsbook Review.com also reported that the American Gaming Association
(AGA), the main lobbying voice and protector of interests for US
casino operators, lodged a complaint seeking to stop PokerStars from being allowed to to conduct business in Atlantic City and seeking to be involved in any hearing processes discussing the matter.
PokerStars planned to invest $20 million after their first year calling the shots at the Club Casino.
PokerStars parent company, Rational Group Holdings, released a statement through company spokesman Eric Hollreiser indicating that the world's largest poker room is still keen on salvaging the deal with the Club Casino.
"Several days ago the Rational Group received a purported notice of
termination of this agreement from the current owners of the Atlantic
Club," stated Hollreiser. "The Rational Group remains entirely committed to resolving
this situation and to our investment in New Jersey."
PokerStars is a firm with a sordid history of criminal accusations of
illegal gambling, money laundering, bank fraud, wire fraud.State Assemblyman Ralph Caputo let the world know how happy he was over the deal being for the moment scrapped.
“PokerStars is a firm with a sordid history of criminal accusations of illegal gambling, money laundering, bank fraud, wire fraud. The firm’s way of conducting business threatened to undermine the integrity and public confidence that Atlantic City has worked diligently to build since the enactment of the New Jersey Casino Control Act enacted in 1977.
To become involved with a company like this one would have been an insult to everyone who has gone under scrutiny to work or do business in the casino industry over the last 30 years." - NJ Assemblyman Ralph Caputo, according to the Washington Post.
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