Atlantic Club Owners Aim to Sell Casino to Other Online Gambling Operators before November 2013

Bet365 Industry LeaderColony Capital LLC, parent company of Resorts International Holdings (RIH), continues to thwart Rational Group’s bid to buy Atlantic Club casino for PokerStars, by filing a motion for cancellation of the Temporary Restraining Order (TRO) issued by Judge Raymond Batten.

The TRO prevents Colony Capital LLC from offering Atlantic Club casino to other potential buyers, until the Atlantic County judge gets to hear the oral arguments regarding the lawsuit filed last week by the Rational Group against RIH and other defendants.

Colony Capital LLC’s lawyers contend that Rational Group failed to provide proof of suffering from any irreparable damage as a result of their voided purchase deal for Atlantic Club (AC) casino.

The termination of the contract was due to the online poker company’s failure to obtain, within the stipulated April 26 deadline, an interim license to operate in New Jersey.

Whereas, on the part of Colony Capital LLC, the inability to sell AC casino will have catastrophic results, as RIH will lose its viability to sell the property, prior to the official launching on November 2013 of NJ’s recently legalized online gambling industry.

New Jersey’s laws require Internet gambling operators to run their online gaming operations via a land-based NJ casino, which makes the acquisition of or collaboration with one, vital to their license application.

Based on recent developments, it is still uncertain if NJ’s regulatory bodies will award Rational Group’s PokerStars, a license to operate in NJ. This is in view of its stern guidelines over “bad actors” as far as Internet gambling operations are concerned. As it is,

PokerStars executives, including its founder Isai Scheinberg, are still deeply embroiled in the 2011 indictment charges filed by the federal government for various offenses that stemmed from violating the Unlawful Internet Enforcement Gambling Act (UIEGA).