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PokerStars Aims To Buy Atlantic City Casino

PokerStars is branching out and separating itself from the rest of the field through its plans to buy a land casino in Atlantic City.

PokerStars is branching out and separating itself from the rest of the field through its plans to buy a land casino in Atlantic City.

New Jersey has been considering legalising online gambling for a while now and Atlantic City is a possible location for internet gambling servers which would greatly aid the city’s economy.

Atlantic City’s economy has been suffering in recent times, particularly since Hurricane Sandy caused widespread flooding.

Recent reports claim that PokerStars is negotiating purchasing the casino formerly known as the Golden Nugget, now known as the Atlantic City Hilton.

Currently the casino is owned by the equity group Colony Capital and it is thought that it would sell for less than fifty million dollars.

PokerStars managed to reach a settlement with the Department of Justice after they were indicted on black Friday in April 2011. However, it is not known whether this would affect whether the New Jersey Division of Gaming Enforcement would issue PokerStars a license.

Reports suggest that the deal depends on whether New Jersey will legalise online gambling within its borders, there is a proposed bill to this effect currently being debated. It could be that PokerStars is hoping that this will be a legal way into the online poker business in New Jersey and in turn open the door to the State of Nevada.

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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