A lot has been happening in the online gambling scene of the state of New Jersey. Things escalated after the governor has vetoed the recent bill but followed the veto with a few changes that he would like to see implemented before he can sign it. This sparked hopes that online gambling might become a reality in the state. We have discussed in a recent post that following this, the stock prices of numerous gaming companies around the state have increased.
This is not all, as the state might be witnessing the first purchase of a casino in Atlantic City by an online gambling company. This news was confirmed by the head of the Atlantic Club Casino Hotel. This company is PokerStars and FTP’s parent company, Rational Group US Holdings. They are offering an undisclosed amount for the casino and they are waiting for the permission of NJ Casino Regulators. If they give them the permission, it will be the first deal of its kind. The company is looking forward to build a headquarters in the city accompanied by a customer support call center elsewhere in the state.
Commenting on this, the head of the Casino Hotel, Michael Frawley said that the legalization of online gambling would create a great wave of investments in the city, which is certainly needed. This is due to the economic situation and the fact that only a few companies would be interested in investing in the city.
This is why he thinks that this legalization is a great chance to revive and strengthen the economy of New Jersey. He also said that Rational Group is going to invest up to eighty million dollars in the casino hotel throughout the upcoming 5 years. Thirty out of the eighty million will be invested during the first year. He also stated that they would provide New Jersey residents with hundreds of job opportunities in management and call centers.
All of this is expected to happen if the bill of online gambling is signed into law but not one knows what will happen if it is vetoed again. The company did not comment and Frawley stated that he has no idea whether they will go on with the purchase or not in that case.