- “Rational Group remains entirely committed to resolving this situation and to our investment in New Jersey.”
- On Wednesday, Michael Frawley, COO of the Atlantic Club, issued a statement to New Jersey press stating that the purchase agreement with PokerStars had been terminated..
- The surprise turn of events comes just weeks after PokerStars completed its New Jersey application to receive a temporary license to operate gaming in the state, its success a condition of the Atlantic City deal.
PokerStars parent company Rational Group has asserted its continued commitment to the New Jersey gaming market, following the apparent collapse of its deal to purchase the troubled Atlantic Club Casino Hotel.
“In December 2012, The Rational Group (d/b/a PokerStars) entered into a purchase agreement for the acquisition of the Atlantic Club,” reads a statement a Rational Group spokesperson issued to pokerfuse late Thursday. “Several days ago the Rational Group received a purported notice of termination of this agreement from the current owners of the Atlantic Club.”
“It was the Rational Group’s expectation and understanding, based on the ongoing dealings between the parties, that the closing date would be extended to allow the transaction to be completed. The Rational Group remains entirely committed to resolving this situation and to our investment in New Jersey,” the statement concludes.
On Wednesday, Michael Frawley, COO of the Atlantic Club, issued a statement to New Jersey press stating that the purchase agreement with PokerStars had been terminated, adding only that it remained “... committed to the aggressive pursuit of the opportunities presented by online gambling.”
The surprise turn of events comes just weeks after PokerStars completed its New Jersey application to receive a temporary license to operate gaming in the state, its success a condition of the Atlantic City deal.
