After the deal fell through between PokerStars and the Atlantic Club Casino a few weeks back, the online poker room promised that it was not ready to give up on New Jersey.
Pokerstars is keeping good on that promise by winning a temporary restraining order preventing Colony Capital, owners of Atlantic Club Casino, from proceeding with putting an end to the expired casino deal.
PokerStars‘ time was up last month after already investing over $11 million of their own cash to help preserve over 2,000 jobs with a promise of $40 million additional support. But the support from the poker room didn’t stop the failing ACC from pulling out from the deal.
PokerStars’ claim of a breach in their agreement won the temporary restraining order against, but the Atlantic Club casino struck back with a lawsuit of their own stating,
“This action involves a sophisticated party’s attempt to avoid the consequences of an unambiguous provision in a contract that it executed after extensive negotiations and with the advice of counsel.”
However, Colony Capital is building the case around the fact the after the plaintiffs made their initial filings with the Commission and the DGE, significant information emerged publicly that Plaintiffs’ principals were associated with serious criminal activities more extensive and unresolved than previously disclosed.”
The Atlantic Club Casino further stated in regards to the already $11 million that Stars has invested, “that’s a risk they took for the opportunity of being at the forefront of online gaming
in New Jersey.”
But we all know that Stars will not fold on this case as the online poker room has fired back with the following statement, “It would be a catastrophic result for the Atlantic Club if the temporary restraining order is not vacated and the request for a preliminary injunction is not denied. As it currently stands, Plaintiffs – who have breached the Agreement – have been granted a unilateral, exclusive option to purchase The Atlantic Club and seek to extend that grant for many months in the face of serious doubt that they will ever obtain regulatory approval in New Jersey.”
As they say in the opera, “This Aint Over Til the Fat Lady Sings!”