The parent company of online global gambling giant PokerStars has abandoned its attempts to buy the Atlantic Club Casino Hotel in Atlantic City, US.
A lawyer representing the Rational Group has sent a letter notifying New Jersey casino regulators that the company is withdrawing its petition to take over the Atlantic Club.
“We are no longer pursuing an acquisition of the Atlantic Club,” Rational Group spokesman Eric Hollreiser has confirmed. Spurned by the Atlantic Club, the Rational Group and its PokerStars affiliate have since linked up with Resorts Casino Hotel for online gambling.
Atlantic City casinos are lining up partnerships with web companies to offer online bets on slot machines and table games when online gambling begins in New Jersey on November 26.
The Rational Group originally hoped to buy the financially troubled Atlantic Club for the steeply discounted price of $15m, giving it a platform to enter Atlantic City’s casino market and grab a piece of the online gambling action.
However, the deal disintegrated when Atlantic Club pulled out in May. Rational Group responded with a lawsuit to uphold the sale, but the courts have ruled in Atlantic Club’s favour, giving it the right to seek a new buyer.
