PokerStars and Full Tilt Poker Owner in Process of Buying Atlantic Club Casino
Rational Group, US Holdings, which is the parent company of two of the world’s biggest Internet gambling sites — PokerStars and Full Tilt Poker — has asked New Jersey gaming regulators for permission to buy the Atlantic Club in Atlantic City.
According to the Associated Press, the company has agreed “in principal” to buy the struggling Atlantic City casino, which changed names and its overall game plan in the early months of 2012.
An application to operate the casino has been submitted by Rational Group with the New Jersey gaming enforcement division.
Since news broke in recent weeks that Rational was interested in buying the Atlantic Club, 1,729 employees there have been given notice that they may lose their jobs by the end of March. The company says the layoff notice is just a formality as part of the pending sale and that no job cuts are planned as of now.
Michael Frawley, COO of the Atlantic Club, issued a statement saying: “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.”
According to the AP, Rational hopes to boost visits and revenue by holding poker tournaments in the casino.
With New Jersey lawmakers considering allowing Internet gambling, something that many say will help save the resort’s ailing economy and casino industry, things could get interesting right about now.
According to the Web site, PokerNewsReport.com: “New Jersey may be going through a big change in its gambling regulations as far as online poker and other forms of online gambling are concerned. Should this deal go through, and should Governor Chris Christie allow the online gambling bill to become law, Rational Group will have made the perfect purchase at the perfect time.
“For now, New Jersey residents are still waiting to see if Governor Christie will sign the online gambling bill into law, or if he will veto it. If he takes no action at all by the deadline of February 7th, 2013, the bill will automatically be accepted as law.”
(From online reports)