<img src="http://www.liquidpoker.net/staff/Raidern/money.jpg" align="right" style="margin:5px; border:1px solid black;">On Wednesday the Wall Street Journal announced that Rational Group's deal to purchase the Atlantic Club Casino and Hotel had fallen through. Reportedly the Rational Group (PokerStars' parent company) needed an Interim Casino Authorization (ICA) until April 27 in order to maintain the agreement, but it didn't get the license before the deadline and the deal expired.
PokerStars actually applied for a license before the deadline, but the American Gaming Association filed a brief with the New Jersey Casino Control Commission and the Division of Gaming Enforcement (DGE), asking them to deny the license. The DGE is currently reviewing the application. It's no news that Rational Group has received strong opposition from the AGA as it stated a while ago that PokerStars operated as a criminal enterprise in the US thus should not be allowed to offer services in the country.
Meanwhile, Atlantic Club CEO Michael Frawley told NorthJersey.com's John Brennan that the deal is off and that the Atlantic Club "remains committed to the aggressive pursuit of the opportunities presented by online gambling".
But it seems that the deal is not completely scrapped yet from PokerStars' point of view. Eric Hollreiser, a spokesman for PokerStars, addressed the matter on his twitter (@erichollreiser): "In December 2012, The Rational Group (d/b/a PokerStars) entered into a purchase agreement for the acquisition of the Atlantic Club. Several days ago we received a purported notice of termination of this agreement from the current owners of the Atlantic Club. It was the Rational Group's expectation and understanding, based on the ongoing dealings between the parties that the closing date would be extended to allow the transaction to be completed. The Rational Group remains entirely committed to resolving this situation and to our investment in New Jersey."
We will keep you updated as the story unfolds.
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