PokerStars in talks to run online poker in New Jersey
Poker giant, PokerStars are said to be in ‘advanced talks’ to purchase the Atlantic Club Casino Hotel in New Jersey, in the hopes that the regulators will let it legally run online poker games.
The news came last Thursday after it was announced that the Atlantic Club Casino Hotel (previously Atlantic City Hilton) was struggling, and PokerStars saw it as an opportunity to buy in. PokerStars aim is to try and get permission to run online poker games in New Jersey legally, as it is currently not allowed.
The interesting point that has raised interest is that reports suggest the purchase of the Hotel/Casino is going to cost around $50 million, which is incredibly low for the area, but then goes back to the point that the Hotel/Casino is struggling. Various articles are suggesting that the purchase is being done purely so Poker Stars can get it’s foot in the door of legal online poker in NJ.
If the file for the license is approved, Poker Stars would gain full control over assets of the Atlantic City Casino. Atlantic City casino’s have been hit hard by economic strain, meaning less people are visiting the casino’s, and they are also taking a hit because of other state casinos. Although, New Jersey’s Atlantic City does have the second biggest gaming market in the USA, only beaten by Nevada.
It is also thought that the recent Hurricane Sandy may have affected earnings for the next two quarters, as all 12 casinos in Atlantic City were closed for 5 days. This means we will have to wait and see whether or not the PokerStars license is approved.
To read more information on the PokerStars Application for the Atlantic City Casino Licence, visit poker.gamble.co.uk