PokerStars gives up on Atlantic Club
Company withdraws its petition to take over the casino following Resorts deal
PokerStars’ parent company the Rational Group has abandoned its long-running attempt to purchase the Atlantic Club Casino Hotel.
A Rational Group lawyer notified New Jersey regulators the company is withdrawing its petition to take over the casino following PokerStars’ deal with Resorts Casino, signed last month.
Although the company has given up on its attempts to revive the deal, it will continue litigation against Colony Capital to retrieve the $11m spent towards the purchase price.
PokerStars first moved for Atlantic Club in December last year, initially agreeing a $15m takeover involving contributions totalling $11m to keep the casino operating throughout the winter.
Atlantic Club owners then moved to cancel the deal on 1 May this year, claiming that a completion deadline had passed. Rational Group then succeeded in obtaining a temporary restraining order, blocking Atlantic Club owners Colony Capital from reneging on the agreement.
A Colony Capital appeal against the restraining order was upheld by the New Jersey Superior Court, a decision which appeared to put the final nail in the coffin of the deal, only for Stars to then launch an appeal of its own.
The appeal was snubbed by New Jersey’s appellate court on 1 July, and Stars signed a deal with Resorts Casino days later.