PokerStars Go to Court over ACC Deal

PokerStars Go to Court over ACC Deal

Tuesday, 7 May 2013

Just days after it emerged that PokerStars’ deal with the Atlantic Club Casino was off, the online poker site has started a legal bid to continue with the purchase. What was once a behind-the-scenes affair is now becoming a more public battle as it emerged yesterday that PokerStars has received a temporary restraining order preventing the ACC for being sold to another bidder.

The court documents filed have revealed that PokerStars had originally planned to buy the casino for $15 million, which would make it the cheapest casino deal in the history of Atlantic City. PokerStars' main argument for the restraining order is that they claim to have already paid the ACC $11 million but that they now want to kill the deal and obtain a further $4 million (as a termination fee) from PokerStars.

Additionally, it’s come to light that the ACC demanded a further $6 million to extend the contract for another 10 days in order to allow PokerStars to get the proper state approval to purchase the property. According to PokerStars they agreed to pay the outstanding $4 million to obtain an extension but the ACC were fixed on $6 million as well as having the option to sell to someone else during this time.

It present it’s unclear which way the case will now go but it’s certain that if PokerStars are unsuccessful in their bid to purchase the casino they will be in a difficult position in New Jersey. Indeed, with the American Gaming Association already voicing their opposition to the original deal, it seems that a number of entities are keen on blocking the site’s re-entry into the US.

Tags: Atlantic Club Casino, PokerStars, New Jersey