PokerStars Attempting To Regain Foothold in US
Just a mere month after saving
Full Tilt poker
from numerous Colossal obstructions,
is in the news again. The news now is that the online poker giant is jabbering back and forth with Atlantic Club casino. If correct, then PokerStars could be back in the United States in no time at all.
Less than two years ago, PokerStars, the biggest online poker company in the world, got the boot from Uncle Sam. The U.S. government sued the company for operating an illegal gambling business, shut down its U.S.-facing web site, and indicted PokerStars’ founder. Competition was nothing shy of overjoyed. Now, the Isle of Man-based company is reportedly on the verge of striking a deal with the Colony Capital LLC investment firm, owners of the struggling Atlantic Club. According to one of the sources of the Wall Street Journal, the negotiated purchase price could be less than $50 million.
However, even if the two companies do strike a deal it would still need to be approved by the New Jersey gaming regulators, who may be influenced by PokerStars’ competitors who will unquestionably contest the effort. iGaming says that, “PokerStars’ acquisition of Atlantic Club Casino would appear to be a move to give the company a foothold in any future intra-state online poker market in New Jersey, with applicants for online casino licenses likely to require a land-based presence.”
NJ Senator Raymond Lesniak has believed in these efforts for a while now as they will create jobs and save jobs while bringing more people and money into the state. Most of this rides on Governor Chris Christie’s approval and he’s already vetoed it once before in 2011. The distinction between now and when the Governor vetoed the previous bill is that this time, the casino industry is strongly behind it.