Breaking: PokerStars Deal in Atlantic City Falls Through

atlantic club casino
The Atlantic Club can hold off on the PokerStars logos.

Despite earlier reports, PokerStars will not be purchasing The Atlantic Club in New Jersey.

The Atlantic Club’s CEO Michael Fawley announced the deal was terminated today. Interestingly he also said the casino remains committed to pursuing other opportunities offered by online gambling. 

The Rational Group, which owns PokerStars and Full Tilt Poker, filed the paperwork to purchase the Atlantic Club in January.

The floundering Atlantic Club, formerly the Atlantic City Hilton, had seen profits dwindle over the last five years thanks to more competition from casinos in New York and Pennsylvania as well as worldwide recession in 2008.

The Rational Group was set to purchase the Atlantic Club for just $30 million, which is a far cry from the $1.24 billion the current owners paid for the facility and three other casinos in 2005.

PokerStars Facing Opposition from American Gaming Association

The PokerStars deal to purchase The Atlantic Club was under heavy criticism from the American Gaming Association.

The AGA, which represents major brick and mortar casinos such as Caesars, went so far as to claim PokerStars operated as a “criminal enterprise for years.”

On the other hand the deal had plenty of supporters and a recent survey of poker players in New Jersey saw 96% in support of PokerStars purchasing The Atlantic Club.

According to the deal to buy the casino expired on Friday.

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