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PokerStars to Buy Atlantic City Casino

PokerStars to Buy Atlantic City Casino

Online gambling website PokerStars has reached a deal to but the Atlantic Club hotel and casino in New Jersey.

PokerStars to Buy Atlantic City Casino

PokerStars has reached a $30 million deal to purchase the Atlantic Club casino in Atlantic City.

The deal, which is costing PokerStars $30 million, is in large part due to the recent legalisation of online gambling with in the state of New Jersey.

Only companies which run a casino in Atlantic City are allowed to offer online gambling.

The law has resulted in competition between land and online casinos, land casinos are looking to buy online operators while online operators want to buy land casinos.

Joe Brennan, the director of the Interactive Media Entertainment and Gaming Association, said “online giants aren’t going to sit back and let U.S. [casino] companies eat their lunch. They built their industry and I don’t think they’re going to passively sit back and allow it to be acquired.”

On the other hand he says “brick and mortar casinos are not just going to drop off the face of the earth. People are not playing at the same stakes online as they are in casinos. It’s much smaller stakes.”

PokerStars is currently awaiting approval from the New Jersey Division of Gaming Enforcement and the state’s Casino Control Commission in order to complete the deal.

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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