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PokerStars Takes Legal Action
May 9, 2013
Rational Group is the owner and operator of PokerStars, one of the most successful online gambling sites in existence. Rational Group was in the process of acquiring the run down Atlantic Club Casino site, from the owners, Resorts International Holdings. The deadline for this deal was at the end of April, but Rational Group were in the process of applying for an extension when they received a letter of termination from Resorts International Holdings, stating that the owners of PokerStars had missed the deadline of the offer.
Rational Group has now sought a restraining order on the owners of Atlantic Club Casino, as the online poker giants feel that the owners are not acting in good faith, by not allowing Rational Group to extend the contract offer. The reason for the missed deadline is that PokerStars needed to get approval of a license, and this had taken longer than expected and delayed the actual sale. Originally it was agreed that the contract would be extended to allow PokerStars to do this, so the termination letter must have come as something as a surprise.
Eric Hollreiser. Head of Corporate Communications for Rational Group explains the situation thus, “In December 2012, The Rational Group (d/b/a PokerStars) entered into a purchase agreement for the acquisition of the Atlantic Club. Several days ago the Rational Group received a purported notice of termination of this agreement from the current owners of the Atlantic Club. It was the Rational Group's expectation and understanding, based on the on-going dealings between the parties, that the closing date would be extended to allow the transaction to be completed. The Rational Group remains entirely committed to resolving this situation and to our investment in New Jersey.”
So we can clearly see why Rational Group, the owners of the massive PokerStars online casino site would be upset, and pursue the restraining order that will allow them to forge ahead with their acquisition of Atlantic Club Casino.
PokerStars has expressed its wish to complete the purchase of Atlantic Club Casino in a friendly manner, without having to resort to such legal measures, and has also stated that the company is happy to move ahead with the deal once licensing issues are taken care of.
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