In recent months, since the introduction of a potential online gaming Bill AS 2578 being signed into law by Governor Chris Christie, The Rational Group, has agreed in principal to purchase Atlantic Club Casino on the Boardwalk. The struggling casino has also been known as the Hilton, ACH, Golden Nugget over the years.
The Rational Group, US Holdings is the owner and parent company of both of these online Poker sites, PokerStars.com and FullTilt.com. On January 18th, 2013 the company took the first step by filing an application requesting an “interim” authorization with the New Jersey state Division of Gaming Enforcement, NJ DGE.
Many Benefits for Atlantic City, NJ
There are many benefits to this purchase including: keeping the jobs of over 2,000 local employees, a new emphasis will be placed on National and Worldwide Poker Tournaments in Atlantic City that will boost tourism during these events. The Rational Group gets the benefits of growing their brands FullTilt and PokerStars into other segments that they would not normally be able to pursue.
If the current purchase agreement were formally approved, it would be the first brick and mortar casino for the Rational Group. One of the potential problems is in the licensing of the company. If you recall back in 2011, online poker sites took a hit being shut down by the United States Department of Justice.
The Casino Operating License is Only Question
The evaluation process by the New Jersey DGE will allow for a 90 investigation of their application including digging deep into the backgrounds all its members and owners. Once the official report is filed, there will be a 30 day evaluation and review process, at this time the results of the application will be rendered.
If this purchase goes through, it will inject some life into the Atlantic City casino market that is just what the doctor ordered. Atlantic City is on the rebound from the results of Superstorm Sandy, things are starting to get back to normal as far hotel occupancy is concerned.
YouTube Video with the Details of the Sale
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