PokerStars is dominating gaming industry headlines once again. Fresh off their settlement with the US DOJ, PokerStars is looking to acquire an Atlantic City casino—the Atlantic Club Casino Hotel. PokerStars parent company, Rational Group US Holdings, is seeking approval for a deal that would make PokerStars the first internet gambling company to purchase an Atlantic City casino.
According to a report by the Huffington Post
, The Atlantic Club ranks 10th of AC's 12 casinos in gambling revenue. The Atlantic Club's take last year was $127.2 million, though this figure is down 11% from 2011.
A joint statement released by Atlantic Club COO Michael Fawley and PokerStars' Head of Corporate Communications Eric Hollreiser expands on the deal: "The acquisition of The Atlantic Club Casino Hotel will secure up to 2,000 jobs and maintain the economic benefits the casino brings to New Jersey," began the statement. "During this interim period, the Atlantic Club Casino Hotel will operate as normal under current management, which will be retained following completion of the acquisition."
Earlier this month SBR reported that NJ lawmakers passed a bill authorizing internet gambling in Atlantic City casinos
, though the legislation has yet to be signed into law by Governor Chris Christie. Christie famously vetoed a similar gambling bill in 2011 citing regulatory concerns, before an apparent change of heart with respect to gambling freedoms that some political pundits believe is related to his national political aspirations. SBR interviewed US gaming law expert Nelson Rose
on this subject in October 2012.Recent PokerStars news
As part of their settlement agreement with the US Department of Justice in the infamous Black Friday case, PokerStars would fork over $547 million to the Government over a three-year period for their violations in serving US customers and be able to operate freely in whichever US States have some form of regulated gambling.
On July 31st, SBR reported that PokerStars acquired Full Tilt Poker
for $731 million. The terms of the deal required PokerStars to pay the $184 million owed to Full Tilt's non-US player base. Full Tilt's US players will be paid in a claims process administered by federal officials. PokerStars relaunched Full Tilt Poker
on Wednesday November 7th as reported by SportsbookReview.
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