PokerStars parent company The Rational Group lost its latest appeal in a New Jersey court room, during which time a judge ruled that the Atlantic Club casino is within its rights to keep any money that the poker firm gave the money during its failed acquisition attempt.
The ruling came from a New Jersey appeals court who said that the Atlantic Club could withdraw from the deal after the licensing deadline passed without PokerStars getting state licensing.
The deal appears to have been a bad one for the Rational Group as the firm was paying for the Atlantic Club's losses for the duration that the agreement was pending.
Speaking about the court ruling, Atlantic Club CEO Michael Frawley said, "Our intentions have, and will continue to be focused on the aggressive pursuit of New Jersey's emerging online gaming opportunities."
At the time Rational's deal with the Atlantic Club was hailed as a boon for the flailing Atlantic City casino. The Atlantic Club is reportedly facing bankruptcy, and was scheduled to lay off some 1,700 workers. Rational's acquisition would have spared those layoffs, and the group would have also invested between $20 to $40 million dollars renovating the property.