PokerStars in advanced talks to buy Atlantic Club Casino
New Jersey-based Atlantic Club, formerly known as the Atlantic City Hilton, lost us$ 13.6 million in the first three quarters of the year. It is speculated that it might be closed down as there are few interested in investing in the firm.
A decision is weeks away and talks could still fall through, the report added. The struggling Atlantic City will get the much needed cash injection from the deal, while for PokerStars, based in Isle of Man, it could mean a re-entry to the country. The deal is expected to face legal and regulatory hurdles.
In August, PokerStars spent us$ 731 million to settle a Justice Department lawsuit that accused it of bank fraud, money laundering and illegal gambling.
The online gambling bill in the New Jersey legislature was recently amended to allow companies like PokerStars that had recently operated in the US to participate in online gambling, but the company would still have to receive a license from New Jersey gambling regulators.
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