Author: Jeffrey Scarberry

Pokerstars

Casino Buyout By Pokerstars Fails

Casino, Poker, Blackjack, Play, Cards does not want to stop there. The online poker platform has decided to appeal to the courts on the buyout of a casino which was to take effect during the month of June, but which was interrupted by certain clauses of the contract. The US-based gaming platform entered into an agreement in December 2012 with the Atlantic Hotel casino for its takeover.

But there !

The deal signed in December had a mention of expiration on conditions that had to be met, but which Pokerstars could not keep due to lack of time.

In that agreement, it was mentioned that at the desire of both parties, the transaction can be canceled if the group does not obtain preliminary ownership approval from the New Jersey casino regulators by a probationary date. On April 26, the casino ultimately decides not to sell the establishment to Pokerstars.

Everything becomes complicated, disagreements are set up between the two parties. Exasperated, Pokerstars decides to attack.

On closer inspection, the deal is clear: “ […] Either side of the parties can reverse the transaction if the group has not obtained preliminary ownership approval from the New State casino regulators. Jersey before the date set […] “.

Pokerstars nevertheless wants the purchase agreement to be relaunched by the casino noting that the online gaming platform has financially helped this gaming establishment in the past. $ 11 million in aid for the difficult winter months there where the casino could not manage financially.

In the response to this stimulus call. The Atlantic Club responded curtly to Pokerstars, telling them that they knew what they were doing when the group signed the deal deal.

“[…] The lawyers recognized that Pokerstars has to live with the market, even if the risk they assumed turned out to be unfavorable for them. […] ”

Ace, Playing Cards, Spade, VegasThe case is now before the judges. The court will take several weeks to render a decision. The parties signed a contract on December 24 to buy Club Atlantic for $ 15 million, by far the lowest price ever paid for a casino in New Jersey. The poker group had also promised to finance a shortfall of $ 32 million in the retirement account of casino employees. An additional investment of $ 20 million had been negotiated and slated for the repurchase of the property once the deal was finalized.

Last year, Pokerstars paid more than $ 500 million to the US Department of Justice and $ 184 million was distributed to overseas poker players to settle a case of alleged money laundering, bank fraud and illegal gambling. Pokerstars also claimed he was in good standing with governments around the world.

Yet his recent history was meant to be a way out of the hurdle to show that he could get a gambling license through casino ownership.