PokerStars parent looking to salvage Atlantic Club deal

In a statement released on Thursday night, a company spokesperson said the Rational Group remained 'entirely committed' to resolving this situation and to its investment in New Jersey  Atlantic Club and the Rational Group first announced in January they had reached a deal for undisclosed terms, but the sale fell apart amid the Rational Group’s The British parent company of PokerStars says it still wants to buy an Atlantic City casino, 

Michael Frawley, Atlantic Club’s COO, issued a statement Wednesday saying that the Atlantic Club’s purchase agreement with PokerStars “had been terminated in accordance with its terms", although he did not elaborate further. Representatives of the Atlantic Club declined to comment about the Rational Group’s statement.

Eric Hollreiser, a spokesman for the Isle Of Man-based company, said Rational had expected the closing deadline for the sale to be extended. “Several days ago the Rational Group received a purported notice of termination of this agreement from the current owners of the Atlantic Club,” he said in a statement to Associated Press.

“It was the Rational Group’s expectation and understanding, based on the ongoing dealings between the parties, that the closing date would be extended to allow the transaction to be completed. The Rational Group remains entirely committed to resolving this situation and to our investment in New Jersey.”

The casino is owned by Los Angeles-based Colony Capital, which reached a deal with The Rational Group last December to sell The Atlantic Club. New Jersey casino regulators have been examining the Rational Group’s application to buy a casino, but no decision was imminent.

The land casino trade body, the American Gaming Association has attempted to intervene in the licensing process in order to derail the deal, and suspicions have been voiced that land casino companies may also be working behind the scenes to keep Rational out of the US market, fearing competition in the online environment.