PokerStars interested in Atlantic City Casino
If you're familiar with the online gaming industry or poker at all, you'll remember the name PokerStars. Known as one of the most iconic companies in recent years for the game of Poker it's had it's ups and downs.
The company was established in 2001 and actually launched it's play money only site on September 11, 2001 which then turned to real money wagering on December 12, 2001. In the beginning, the company started out in Costa Rica owned by the Scheinberg family of Israel. Subsequently, the company moved to the Isle of Man due to its favorable 0% corporate tax rate and other rules for online gaming.
Pokerstars' accomplishments include a world record for the biggest online tournament in 2009 which had just a $1 buy in and a first prize of $50,000. The company offers games like Texas hold 'em, Omaha, Omaha Hi/Lo (8 or Better), Stud, Stud Hi/Lo (8 or Better), Razz, Five-card draw, 2-7 Triple Draw & 2-7 Single Draw, Badugi, HORSE, HOSE, Mixed Hold'em, Mixed Omaha Hi/Lo, Triple Stud and 8-Game Mix and others.
One event that really hurt stars' reputation was in 2011 when the company's website was seized and shut down by the United States Attorney's Office because it was said to be in violation of federal bank fraud and money laundering.
After this was all said and done, PokerStars filed motions to dismiss the charges brought against them and the company was able to purchase Full Tilt Poker with the United States allowing both companies to file for licenses within the United States once the legal framework has been laid.
Furthermore on August 9th 2012, payments of $225 million were paid to the United States Department of Justice which consummated the asset transfer of Full Tilt Poker. On November 6th 2012, Full Tilt Poker was re-launched and holds it's place today as the second largest poker site throughout the world.
Now according to the Wall Street Journal, the owners of Poker Stars and Full Tilt Poker are looking to make a large purchase of $50 million for the Atlantic City Casino.
This would be a big help for both Pokerstars and the struggling Atlantic City Casino. Recently the State of New Jersey has approved measures to allow online gambling if operated from a live casino. Negotiations and a finalized deal may take weeks at this point however with years of declining casino revenues, this could add a nice income for the State. The Atlantic Club Casino Hotel was the 10th lowest earning casino of the 12 casinos operating in Atlantic City.
If all goes well, the acquisition of The Atlantic City casino will boost revenues for both PokerStars and the casino itself. Bringing New Jersey more revenues from gaming and re-vamping the casino as a whole. Now known as one of the bottom-performing casinos the acquisition would boost just about everything for this casino. Not only will this acquisition change the land based casino, but it will open up online gaming for American players.
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