It has been reported that the Rational Group, the parent company to online poker companies PokerStars and Full Tilt Poker, has reached an agreement to purchase the Atlantic Club Casino Hotel in Atlantic City, New Jersey.
According to an article by pressofatlanticcity.com, the British Isles-based company has chosen not to disclose a purchase price, but did state, “Rational US is a willing and enthusiastic prospective purchaser, and it intends to improve the financial viability of the property, and, therefore, the offerings available in Atlantic City.”
As aspect of a joint statement from Rational and Atlantic Club Casino Hotel COO Michael Frawley said, “The acquisition of the Atlantic Club Casino Hotel will secure up to 2,000 jobs and maintain the economic benefits the casino brings to New Jersey.”
The article states that, 'as a first step toward entering the Atlantic City market, the Rational Group has filed an application with the Division of Gaming Enforcement seeking preliminary approval to acquire the Atlantic Club, a process known as interim casino authorization.' In 2012, the Rational Group paid the United States Government $547 million to settle money-laundering issues stemming from the situation between the U.S. Government and 'illegal' online gaming websites based offshore.
Different forms of legislation regarding the legalization of intrastate online gaming in New Jersey, including the lucrative poker racket, has been going through the state house and senate for years. New Jersey Governor has vetoed such legislation in the past, but there are current bills going through New Jersey's political process which would see intrastate online casino gaming legalized in the state and the servers based out of Atlantic City casinos.
(With files from pressofatlanticcity.com)