Monday featured some dramatic developments in PokerStars’ quest to buy a casino in New Jersey and gain entry to the lucrative American Internet poker market.
The Star-Ledger reported that a judge issued a restraining order that would bar the Atlantic Club casino, owned by Colony Capital, from being sold to anyone else other than PokerStars. It surfaced last week that the deal had fallen through.
PokerStars has not yet been approved by New Jersey regulators for a gaming license.
About a week after the sale collapsed, PokerStars reportedly filed a civil suit against Colony Capital for allegedly breaching the agreement that they had in place.
“This step has been taken to protect Rational Group’s rights and interests under the purchase agreement,” a PokerStars spokesman told The Star-Ledger, “and reflects the group’s desire to complete the acquisition of the Atlantic Club.”
It’s reportedly unclear what exactly prompted Colony Capital to nix the deal. However, in March, the American Gaming Association, the casino industry’s top lobbying group, came out in opposition to PokerStars entering the New Jersey industry. The AGA said PokerStars was engaged in lawbreaking as alleged in the Black Friday indictments.
PokerStars settled without admitting any wrongdoing.
The Atlantic Club casino price tag is $ 15 million.
Another hearing for the case is scheduled for May 17.
New Jersey is one of three states with legal online gambling.
For more news from New Jersey, check out its stage page.
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