An executive representing an investment group that combines Asian and American financing with one of Europe’s leading internet gambling companies says the group has acquired close to 0 million to buy and refurbish an Atlantic City casino and is on the verge of making a deal.
But the group will only say that the casino is one of the nine Atlantic City Boardwalk casinos. Sources tell GGB that 2Up is ready to buy the Showboat from Caesars Entertainment.
London-based internet company 2UP Gaming and MidOil USA say they have lined up the funding. Asian financial backers are also reportedly involved in the project.
News of the potential deal was first made public in July when 2Up applied for a New Jersey online gambling license. At the time, the company said it would either buy an existing property or build new.
However, Vince Crandon, managing director of New York-based MidOil, an investment firm partnered with 2UP Gaming, recently said that the group is closing in on a deal and agreed to a price. Final negotiations are ongoing. Crandon had said he hoped to announce deal by Labor Day, but now he’s not sure when the deal will be finalized.
Revel Atlantic City, also a Boardwalk casino and troubled financially, and Atlantic Club are the only two Atlantic City casinos that have yet to announce an online gambling partnership.
2Up, one of Europe’s premier internet gambling companies, wants to use Atlantic City as a platform for its online wagering operations in the United States. Under New Jersey’s internet gambling law, casinos must have a physical presence in Atlantic City to offer web bets.