PokerStars’ parent seeks OK to buy Atlantic City resort

The parent company of online gaming giant PokerStars is moving forward with a purchase of the Atlantic Club Casino Hotel, the Press of Atlantic City reported late Tuesday.

The newspaper said Isle of Man-based The Rational Group, which owns PokerStars and FullTilt Poker, filed papers with the New Jersey Division of Gaming Enforcement seeking regulatory approval to purchase the Atlantic Club from current owner Resorts International Holdings.

As a first step, the Rational Group filed an application with the DGE seeking preliminary approval to acquire the Atlantic Club, a process known as interim casino authorization.

“The division can confirm that an application requesting interim casino authorization and other relief was received from Rational Group,” the agency told Press of Atlantic City Tuesday. The sale would close after another agency, the New Jersey Casino Control Commission, followed with final regulatory approval.

The Atlantic Club, located on the Boardwalk, was 10th in annual gaming revenues among the market’s 12 casinos in 2012. The casino’s revenue fell 11 percent in 2012, to $127.2 million.

The Wall Street Journal first reported in December that PokerStars was negotiating to purchase the troubled Atlantic Club for $50 million.

PokerStars agreed in August to pay $731 million to the federal government to settle a nine-count indictment stemming from the April 2011 crackdown on illegal Internet poker.

In December, New Jersey lawmakers approved a bill to allow online gambling in the state.

The measure is awaiting action by Gov. Chris Christie, who has not yet said whether he will sign the bill. He has until Feb. 4 to take action.

One of the bill’s provisions allows offshore companies to apply for a New Jersey casino license, which would allow the Rational Group to buy the Atlantic Club.

Review-Journal reporter Howard Stutz contributed to this report.