Online poker site to buy Atlantic City casino - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Online poker site to buy Atlantic City casino

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Photo courtesy Atlantic Club Casino Photo courtesy Atlantic Club Casino
NEW JERSEY (MYFOXNY.COM) -

The parent company of two internet gambling sites has agreed in principal to purchase a struggling Atlantic City casino.

Rational Group, US Holdings has filed an application to run the casino with the New Jersey gaming enforcement division.

Company COO, Michael Frawley, previously issued a statement saying:  "The acquisition of The Atlantic Club Casino Hotel will secure up to 2,000 jobs and maintain the economic benefits the casino brings to New Jersey."

The company hopes to boost visits and revenue by holding poker tournaments in the casino.

Atlantic Club Casino Hotel has now filed notice to 1,729 employees that they may lose their jobs.  The company says the layoff notice is a formality as part of the pending sale.

The troubled casino has going through a number of changes since it was built in 1980 as a Golden Nugget property.

New Jersey is considering allowing on-line gambling, a move that is facing resistance by federal regulators.

 

The Associated Press contributed to this report.

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