Atlantic Club (AC) Casino and PokerStars prepared to enter the online gambling industry in New Jersey prior to the industry’s legalization. However, they are nowhere near visible in New Jersey’s budding remote gaming arena, as both entities are still struggling with the issues that prevent them from participating in the recently launched online wagering activities.
Earlier this year, AC Casino snuffed its purchase deal with PokerStars in order to look for a buyer that has more potential of getting a gaming license approved in NJ. Yet the move backfired, as the casino subsequently ended up without an Igaming partner.
In spite of the $11 million down payment gained from the botched PokerStars deal, AC Casino failed to improve its income-earning abilities as well as sustain its operations. Last month, the financially troubled gambling establishment filed for insolvency, and is now in the middle of liquidation proceedings under the protection of Chapter 11 bankruptcy law.
Atlantic Club recently disclosed its overall outstanding liabilities of $16.8 million, of which a host of different creditors, such as slot machine manufacturers, the Atlantic City government, Atlantic City Electric and numerous workers with unsecured compensation claims, are seeking financial settlement. As the casino has only around $17.1 million in current assets, it will be up for auction on December 17. The matter of joining NJ’s Internet gambling arena in the near future, therefore, is a less likely possibility.
Nonetheless, even if AC casino went ahead with the PokerStars acquisition deal, the online poker firm is still under the review of the NJ Division of Gaming Enforcement, and this has placed its new land-based partner, Resorts Club Casino, currently out of the online wagering market.