Rational Group to Purchase Atlantic Club Casino
Rational Group, the parent company of PokerStars and Full Tilt Poker, has agreed to purchase the Atlantic Club Casino Hotel and hopefully revive one of Atlantic City’s weakest casinos.
The company has filed papers with the New Jersey Division of Gaming Enforcement and is waiting to receive regulatory approval to buy the casino from Resorts International Holdings.
Until the purchase is complete the casino will continue to operate under its current management which is expected to be retained after the deal is complete.
The casino’s COO, Michael Frawley, said that “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.”
Rational Group said that it intends “to improve the financial viability of the property, and therefore, the offerings available in Atlantic City.”
Last year the Atlantic Club lost $13.6 million in the first nine months of the year. In total its gambling revenue fell by 11% to $127.2 million and it was 10th among Atlantic City’s 12 casino hotels in total annual revenue from slots and table games.