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PokerStars, the world’s largest online poker brand has filed for a land-based casino licence in the state of New Jersey having agreed terms to acquire the Atlantic Club Casino in Atlantic City. The deal would see the online poker giant assume control over the Atlantic Club’s retail assets in a move that is likely to be seen as a pre-emptive acquisition ahead of the state’s
anticipated regulation of intra-state online gaming.
PokerStars’ acquisition of Atlantic Club Casino would appear to be a move to give the company a foothold in any future intra-state online poker market in New Jersey, with applicants for online casino licences likely
to require a land-based presence.
The move comes at a critical time for Atlantic City casinos who have been hit hard by falling revenues driven by the economy and by competition from casinos in neighbouring states that have impacted footfall
at the iconic resort.
“The jobs necessary just to get these sites operational will exceed a thousand, and then there will be the jobs that we’ll save by keeping the casinos open. We’re keeping Atlantic City alive; this will be a big boost
to the industry and will help our tourism industry as well.”
Atlantic City’s troubles deepened just prior to the presidential elections when Hurricane Sandy battered America’s eastern seaboard. According to Bloomberg, Keith Foley, co-author of Moody’s ‘Hurricane Sandy’s Credit Impact’
said that he expected Atlantic City casino earnings to “drop by at least 25 percent,
SOURCE
anticipated regulation of intra-state online gaming.
PokerStars’ acquisition of Atlantic Club Casino would appear to be a move to give the company a foothold in any future intra-state online poker market in New Jersey, with applicants for online casino licences likely
to require a land-based presence.
The move comes at a critical time for Atlantic City casinos who have been hit hard by falling revenues driven by the economy and by competition from casinos in neighbouring states that have impacted footfall
at the iconic resort.
“The jobs necessary just to get these sites operational will exceed a thousand, and then there will be the jobs that we’ll save by keeping the casinos open. We’re keeping Atlantic City alive; this will be a big boost
to the industry and will help our tourism industry as well.”
Atlantic City’s troubles deepened just prior to the presidential elections when Hurricane Sandy battered America’s eastern seaboard. According to Bloomberg, Keith Foley, co-author of Moody’s ‘Hurricane Sandy’s Credit Impact’
said that he expected Atlantic City casino earnings to “drop by at least 25 percent,
SOURCE
