Not only will the Atlantic City casino be able to keep the $11 million, but it may also get a $4 million termination fee from PokerStars, with the online gambling company getting nothing in return.
The deal fell through after PokerStars failed to get preliminary approval from the state to open a casino by April 26, which was part of the sale agreement.
The Atlantic Club has been struggling in recent years and has been one of the lowest performing Atlantic City casinos in terms of revenue and profitability. According to the casino’s chief operating officer, Michael Frawley, the casino will use online gambling to turn things around.
“We are now free to build on the tremendous opportunity provided by online gaming,” said Frawley.