Isle of Man based poker giant The Rational Group has announced that it is no longer pursuing the acquisition of The Atlantic Club casino in Atlantic City, New Jersey.
The revelation came as the poker firm told the New Jersey Division of Gaming Enforcement that it would no longer be trying to acquire the embattled casino, which currently sits on the brink of bankruptcy.
The Rational Group reportedly informed the regulator of its decision via a letter on July 17th in which the PokerStars owner said that it was withdrawing from any petition to acquire The Atlantic Club.
For those not in the know, The Rational Group announced late last year that it had come to a deal with the Atlantic City casino in which it would pay $15 million. The company put down a whopping $11 million toward the deal and had agreed to bankroll the casino's losses until the deal was completed. The Atlantic Club backed out of the deal earlier this year however, as Rational hadn't been able to acquire a New Jersey gaming license.
Rational went to court demanding to be allowed back in on the deal or to be paid back the $11 million that it put down towards the purchase. A state judge threw out Rational's case, but the matter was still being litigated until the July 17th letter.
The financial claim does stand, however, as Rational Communications Director Eric Hollreiser said that his firm intends on recovering those funds.