Rational Group remains interested in Atlantic Club deal
Rational Group, the British parent company of online poker site PokerStars, said it is still interested in acquiring the Atlantic Club in Atlantic City, New Jersey, despite previous contract negotiations failing.
The deal struck with Rational Group in December was apparently contingent on the company receiving a license from New Jersey gaming regulators by the end of April. However, Rational's license paperwork was delayed, causing PokerStars' license decision day to be pushed back to early August. This in turn means that Rational Group will not be able to meet the end of April deadline set out in the original contract.
still committed
PokerStars spokesman Eric Hollreiser said Rational was under the impression that ongoing business between the parties would allow for an extension of the originally agreed-upon deadline to complete the deal. He added that The Rational Group remains committed to resolving the issue in order to be able to invest in a brick-and-mortar casino in New Jersey.
Some say the Atlantic Club's market value has increased significantly due to Governor Chris Christie's decision to pass a new online gambling law that would only grant licenses to Atlantic City casinos, and Atlantic Club owners believe you can now get poker Star offers better deals. Closing deals just to drive up the price.
Even Gov. Christie said at a press conference before Hollreiser made his comments that "it's likely the Atlantic Club is reconsidering its position and believes it can get more funding."
Earlier this year, Hollreiser announced that Caesars Entertainment had approached PokerStars with an offer to acquire Caesars' Nevada properties, but PokerStars declined because it was believed Nevada would not grant them a license. Caesars is reportedly currently considering selling one of its four casinos in Atlantic City, leaving Rational Group with other options that Atlantic Club operator Colony Capital may want to look at.
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Source: www.casino.org
