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New Jersey Court Rejects PokerStars Appeal

New Jersey Court Rejects PokerStars Appeal

An appellate court in New Jersey has rejected PokerStars attempt to regain the right to purchase the Atlantic Club Casino. The court has sided with the casino and upheld the ruling from a lower court made last month.

New Jersey Court Rejects PokerStars Appeal

A New Jersey appellate court has rejected PokerStars appeal over the cancellation of its purchase agreement with the Atlantic Club Casino.

The Atlantic Club cancelled the purchase agreement when PokerStars failed to get preliminary ownership approval from New Jersey casino regulators in time. PokerStars had claimed that the judge made a number of errors and hence the $15 million purchase deal should be reinstated. It also noted that it had already given the casino $11 million.

The casino’s chief operating officer, Michael Frawley, said the casino was “very pleased with the appellate court ruling. Our intentions have, and will continue to be focused on the aggressive pursuit of New Jersey’s emerging online gaming opportunities.”

PokerStars is yet to comment on the ruling and it is not yet known if there will be further appeals.

The Atlantic Club layers said that it had become clear that PokerStars will struggle to get a casino license in New Jersey. Last year PokerStar’s parent company paid $547 million to the U.S. Justice Department and $184 million to poker players overseas to settle a case alleging money laundering, bank fraud and illegal gambling.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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