MAYS LANDING, N.J. (AP) — The parent company of the world's largest online poker website is left with nothing for its troubles after paying an $11 million advance to a struggling Atlantic City casino the company intended to buy.
A New Jersey judge ruled Friday that The Atlantic Club Casino Hotel had the right to scrap the deal with The Rational Group. The judge said the contract clearly gave both parties the right to end the deal if Rational had not obtained New Jersey's preliminary approval to own a casino by April 26.
Rational, the British parent company of PokerStars, wanted to get in on New Jersey's recently approved legalization of Internet gambling. But it hadn't gotten state approval to purchase the casino by the April date.
Wayne Parry can be reached at http://twitter.com/WayneParryAC