In a recent report by NewsWorks, it was revealed that PokerStars lost their appeal to have the option of purchasing the Atlantic Club Casino in Atlantic City, New Jersey. The top online poker room has been in a long uphill battle to purchase the casino and now it seems that the poker juggernaut is just plain out of luck. The decision by the New Jersey appellate court was revealed to the public last night and showed that the court ruled to uphold the decision of a lower court from June.
PokerStars was unable to gain approval from the casino regulators in the state for preliminary ownership in the time frame that the Atlantic Club wanted and the casino canceled the deal. However, PokerStars parent company, The Rational Group, stated that the judge in the case made errors and the company argued that the deal to purchase the casino for $15 million needed to be reinstated especially since they had already paid $11 million to the casino.
Chief Operating Officer of the Atlantic Club, Michael Frawley, commented on the decision – stating that the casino was ‘obviously’ pleased with the ruling by the appellate court. Frawley also stated that the intention of the casino was to be focused on the pursuit of online gaming options in the state. The NewsWorks site tried to contact PokerStars in the matter but was unable to receive a statement by the company.
So now PokerStars is out even more money and do not have as strong a foothold in the United States as they would have liked by this time. Ultimate Gaming, who operates a site in the state of Nevada, recently partnered with the Trump Taj Mahal in New Jersey to help with the online gambling process in the state. PokerStars will need to act fast to try and find another deal to get situated in the US market soon to regain a stronghold as the industry opens up in the states.