ATLANTIC CITY, NJ-An Atlantic County Superior Court Judge denied a request by online gaming concern PokerStars to keep its $15-milllion offer to acquire the Atlantic Club Casino Hotel here alive.
Colony Capital LLC, which controls the property, declined to extend the contract with PokerStars when it expired last month. Rational Group Ltd., the parent company of PokerStars says it believes Colony Capital terminated the agreement so it could sell the property for a higher price after the state of New Jersey enacted its online gaming legislation in February, according to the Bloomberg News report.
“We are reviewing today's ruling,” said Eric Hollreiser, a PokerStars spokesman. “We remain committed to New Jersey and to contributing to its economy.”
Atlantic Club COO Michael Frawley said in an e-mailed statement in response to Friday's court ruling, “We are pleased that the New Jersey court has dissolved the restraints it entered on May 6. We are now free to build on the tremendous opportunity provided by online gaming.” See story in the Star Ledger.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
