From Press of Atlantic City – After months of fighting in court, the parent company of online global gambling giant PokerStars has abandoned its attempts to buy the Atlantic Club Casino Hotel.
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. A copy of the July 17 letter was released Friday by the New Jersey Division of Gaming Enforcement to The Press of Atlantic City.
“We are no longer pursuing an acquisition of the Atlantic Club,” Rational Group spokesman Eric Hollreiser confirmed in an email Friday.
Spurned by the Atlantic Club, the Rational Group and its PokerStars affiliate have since linked up with Resorts Casino Hotel for Internet gambling. Atlantic City casinos are lining up partnerships with Web companies to offer online bets on slot machines and table games when Internet gambling begins in New Jersey on Nov. 26.
The Rational Group originally hoped to buy the financially troubled Atlantic Club for the steeply discounted price of $15 million, giving it a platform to enter Atlantic City’s casino market and grab a piece of the Internet 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 favor, giving it the right to seek a new buyer.
