New Jersey Appellate Court Rules Against PokerStarsPoker Site's Appeal Denied, Still Trying To Buy Atlantic City Casino |
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This week wasn’t too great for PokerStars, as a New Jersey appellate court ruled against the online poker site in its quest to gain entry into the Garden State online gambling market.
The deal between Rational Group and Colony Capital supposedly fell through after it become clear the former would have a tough time getting authorized for a casino license by New Jersey regulators.
PokerStars wanted to acquire the struggling Atlantic Club casino. The price tag for the deal was $15 million, $11 million of which PokerStars said it already has paid.
According to an NBC affiliate, an executive for Atlantic Club said the firm was "obviously very pleased with the appellate court ruling” and that “[o]ur intentions have, and will continue to be focused on the aggressive pursuit of New Jersey’s emerging online gaming opportunities.”
Colony Capital had terminated the deal after a deadline supposedly had passed without the necessary checkpoints being reached. PokerStars claimed a breach in their agreement, and asked a judge to make sure the casino wasn’t sold to someone else. Colony Capital claimed that it was in its right, under the terms, to nix the agreement.
Almost a year ago, PokerStars agreed to settle its case with the U.S. government. It didn’t admit to any wrongdoing in connection with the Black Friday indictments.
For more news from New Jersey, check out its state page.
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