STARS’ DEAL TO BUY NJ CASINO STILL ALIVE
PokerStars’ bid to acquire an Atlantic City casino could still succeed after the operator won a temporary restraining order blocking sellers Colony Capital from pulling out of the agreement. The deal, worth around US$15m, appeared to have fallen through at the end of April after the owners of the Atlantic Club Casino and Hotel announced it was terminated “in accordance with its terms”. However, Stars ?led a lawsuit in the New Jersey Superior Court seeking to block Colony Capital from breaching the purchase agreement signed in December 2012. Judge Raymond Batten granted the request for a temporary restraining order shortly after, meaning the deal could still complete if Stars’ parent company Rational Group receives an interim casino licence from New Jersey’s regulator. The initial deal agreed in December stipulated a 30 April deadline for Stars to be licensed in order for the acquisition to proceed. Rational Group spokesman Eric Hollreiser said yesterday’s legal action had been taken “protect Rational Group's rights and interests” under the original agreement and re?ects the ?rm's “desire to complete the acquisition of the Atlantic Club”. The ?rm has invested $11m to date in the ailing casino. “The Rational Group has funded Atlantic Club shortfalls since October 2012 preventing its bankruptcy and the loss of over 1,800 jobs,” Hollreiser said in a statement. “The Rational Group remains committed to resolving this situation, and to its investment in New Jersey, while it continues to work on completing the required licensing process."
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CAESARS CONFIDENT OF NEVADA LAUNCH THIS YEAR
Caesars Entertainment anticipates launching an online poker offering in Nevada before the end of 2013 “subject to regulatory approvals”, chief executive Gary Loveman has con?rmed. The operator intends to launch an offering under its World Series of Poker (WSOP) brand, which its Nevada software partner 888 has suggested could be ready to go live during the third quarter. Caesars has already invited Nevada-based players to apply to beta-test its real-money online poker software, having been awarded a licence in the state last December. Last month also saw Fertitta Interactive’s Ultimate Poker brand become the ?rst Nevada licensee to take a real-money bet in the jurisdiction, recording a 24-hour peak of more than 170 players according to tracking site Pokerscout. The Caesars chief executive also said he remains hopeful of securing approval in New Jersey, having ?led an application for an interactive gaming licence in the state last month. The market is expected to open by 16 November. “The successful launch of real-money online gaming in Nevada and New Jersey could be a model for other states considering the legalisation of online gaming,” Loveman said. A number of other US states have introduced legisla