PokerStars Appeals Ruling That Allows Atlantic Club Casino to Scrap Merger Deal

PokerStars parent company, the Rational Group, has appealed a ruling that allowed the financially strapped Atlantic Club Casino and Hotel to back out of a proposed acquisition.

On May 17, a Superior Court judge ruled that the Atlantic Club could terminate the sale contract that would have allowed PokerStars to take control of the property.  The judge also ruled that the Atlantic Club owners were permitted to keep the $11 million that the Rational Group paid in advance towards the $15 million purchase.

As part of its filed appeal, the Rational Group is claiming that Judge Raymond Batten made a series of errors resulting in a faulty ruling, including a “misconstrued” interpretation of the purchase agreement.  

The 34-page brief accompanying the appeal notes that Batten found the Atlantic Club had a right to end the sale based on the Rational Group’s failure to obtain New Jersey regulatory approval prior to a set deadline of April 26.

- Aaron Goldstein, Gambling911.com