Poker Website Won't Fold A.C. Casino Plans

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    NEWSLETTERS

    AP
    The Atlantic Club Casino Hotel in Atlantic City N.J. is in limbo.

    A New Jersey judge on Friday will hear an increasingly bitter dispute between the world's largest online poker web site and the Atlantic City casino it is trying to buy.

    The parent company of PokerStars got a temporary restraining order May 6 barring The Atlantic Club Casino Hotel from selling itself to anyone but PokerStars.

    In applying for the restraining order, PokerStars argued that it has given The Atlantic Club $11 million of the $15 million purchase price. But in return, PokerStars claims, The Atlantic Club wants to kill the deal and receive an additional $4 million as a termination fee.

    "Should Rational comply with this demand, Rational would have paid the entire purchase price and received exactly nothing in return," the company wrote in its court papers.

    They also said The Atlantic Club demanded an additional $6 million to extend the sale contract for another 10 days -- during which they would still be free to seek a better offer from someone else.

    In February, New Jersey legalized Internet gambling. Buying an Atlantic City casino would give PokerStars' parent, The Rational Group, a quick on-ramp into what is expected to be a lucrative online gambling market in the state.

     


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