PokerStars files fresh Atlantic Club appeal
Operator filed Motion for Leave to Appeal of court's decision which led to casino acquisition to fall through
PokerStars is waiting to learn whether its acquisition of the Atlantic Club property in Atlantic City could be revived, after appealing a court’s decision which allowed the casino to walk away from the deal last month.
On 20 May the New Jersey Superior Court upheld Atlantic Club owners Colony Capital’s appeal against PokerStars’ injunction blocking the investment group from seeking another buyer for the Atlantic City casino. Stars’ parent company the Rational Group had agreed a $15m takeover “ initially involving contributions worth $11m casino to keep the casino up and running throughout the winter “ in a deal which could allow it re-entry into the US market.
Its latest appeal states that the Appellate Court should overturn the lower court’s ruling, arguing that the trial court misinterpreted a statute which requires any deal to buy a casino to provide regulators with a 120-day period for review.
Colony Capital moved to cancel the deal on May 1 claiming the deadline for completion had passed. Rational Group obtained an extension to the deal, only for Judge Raymond Batten, who originally approved the restraining order, to appear to put the final nail in the coffin of the deal and find in favour of Colony Capital on Friday 18 May.
PokerStars was unavailable for comment at the time of writing.