PokerStars to Purchase Atlantic City Casino
Atlantic City. Photo: Ron Miguel
The company behind online gaming giant PokerStars is going ahead with plans to buy a brick and mortar casino in Atlantic City.
The Rational Group, which owns PokerStars and Full Tilt Poker, filed papers with the New Jersey Division of Gaming Enforcement asking for approval to purchase the Atlantic Club in the city.
It’s the first time an online gaming company has purchased a casino in Atlantic City.
Formerly known as the Atlantic City Hilton Casino Resort, the Atlantic Club has struggled under its current ownership and suffered a $13.6 million operating loss in the first nine months of 2012.
If the purchase goes through, the club would receive funding through the Rational Group’s U.S. subsidiary.
Casino Would Be First Live Casino for PokerStars in U.S.
The Atlantic Club could potentially act as live hub for PokerStars in the Atlantic City area if the proposed law to authorize online gambling is passed.
New Jersey Gov. Chris Christie has yet to act on the gambling law.
It’s unknown how much the Rational Group would pay for the Atlantic Club but it’s believed to be far less than what it was purchased for in 2005 when Colony Capital LLC took over four casinos for $1.24 billion.
The Atlantic Club was valued at $513 million in 2005. It's been rumored the purchase price in 2012 was $50 million.
You May Also Like
It’s taken years longer than expected but it appears tens of thousands of U.S. Full Tilt Poker players are finally within breathing distance of getting...
22 January 2014
PokerListings.com received a nod from the 2014 iGaming Affiliate Awards in the category of Best Poker Affiliate, along with ten other top online poker...
09 December 2013
Sen. Ray Lesniak will introduce a bill on Thurday that would allow licensed operators in New Jersey to offer wagers to any countries where online...
20 November 2013
Almost three years to the day their accounts were frozen and bankrolls seized American Full Tilt Poker players now know when to expect the money...
18 November 2013