UK gambling firm 2UP Gaming is reportedly close to acquiring an Atlantic City casino as it attempts to enter the regulated New Jersey online gaming market.
The official casino that is being targeted for acquisition has not been made public, but sources close to the negotiations claim that it is one of the nine casinos located on Atlantic City's boardwalk.
2UP Gaming is based in the UK, but has strong financial backers in both the United States and Asia. The group is working with MidOil USA to help acquire the casino, and claims to have $330 million to put toward the acquisition.
Speaking to the Press of Atlantic City, MidOil Managing Director Vince Crandon said that his goal is to finalize a sales agreement. Commenting on the negotiations Crandon said, “Building is off the table. It’s absolutely an acquisition of an existing property. We’ve agreed on the price and other conditions. I just need to get a final agreement done."
New Jersey Casino Control Commission Chair Matthew Levinson also commented on the topic, noting “This shows that people are still interested in Atlantic City. If 2UP buys or builds or even if nothing happens, it still shows that companies like 2UP and MidOil are interested. Hopefully, I’ll see more of these projects come to my door.”
Crandon said that 2UP has applied for an e-Gaming license with the New Jersey Division of Gaming Enforcement. Under New Jersey law, all firms offering online action must be based in Atlantic City and either own a casino or have made a deal with an owner. It appears that 2UP is trying to take the first route.