Over the past few months, PokerStars and the Atlantic Club, a struggling casino in the Atlantic City, New Jersey, area have been going back and forth in a battle for the purchase of the long-time casino. The two were in talks and had initially agreed to a deal which would see PokerStars purchase the casino by April 2013. However, that date came and went without the poker site gaining a license in the state.
The Atlantic Club then terminated the deal with PokerStars and online poker’s biggest giant came back swinging, somehow garnering a restraining order which would not allow the club to be purchased by anyone else pending an investigation. Just a few days ago the Atlantic Club earned the right to terminate the deal and the club is now open to new buyers.
The Superior Court in Atlantic County ruled in favor of the Atlantic Club on Friday. PokerStars paid the club $11 million of the $15 million it owed to the casino. The establishment is now demanding that PokerStars pay the remain $4 million claiming the remainder is a termination fee for the deal gone bad.
The group argued their point by stating that the deal with PokerStars included a provision that specifically stated that they had the right to cancel the deal by a certain date which was specified. The Atlantic Club also claimed they did not the full extent of ‘serious criminal activities’ that PokerStars were accused of when they signed the agreement.
After the deal between PokerStars and the Atlantic Club was first announced, the struggling casino was able ot see an increase in their revenues. If you consider this plus the cash they were given by PokerStars, the casino may be holding out for more cash, not to mention the negative comments made about PokerStars from the AGA as well as other parties.
Eric Hollreiser, the Head of Corporate Communications at Rational Group, commented on the ruling by stating:
“We are reviewing today’s ruling. We remain committed to New Jersey and to contributing to its economy.”
Check Out Other Related Posts on 4Flush
100% up to $3,000 Bonus
Bovada is our most recommended ONLINE CASINO and POKER ROOM for US players with excellent deposit options. Get your 100% signup bonus today.