Rational Group US Holdings, the parent company of PokerStars and Full Tilt Poker, is seeking to become the first online operator to buy an Atlantic City casino with its proposed purchase of the Atlantic Club Casino Hotel.
The Isle of Man-based Rational Group has approached the New Jersey regulator for permission to acquire the casino from Resorts International Holdings for an undisclosed sum. If permission is granted, Rational would then need to seek approval from the New Jersey Casino Control Commission to complete the deal.
The sale was agreed in late December 2012 - subject to approval from the regulator. The submission to the regulator said Rational US is a “willing and enthusiastic prospective purchaser” which plans to “improve the financial viability of the property, and therefore the offerings available in Atlantic City,"
Michael Frawley, the casino's COO, and Rational spokesman Eric Hollreiser, said in a joint statement: "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."
"During this interim period, the Atlantic Club Casino Hotel will operate as normal under current management, which will be retained following completion of the acquisition."
The Atlantic Club is ranked 10th of the city’s 12 casinos in terms of gambling revenue, which fell 11 per cent in 2012 to $127.2m.
