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Caputo: Good News, No PokerStars

(Trenton)- Assemblyman Ralph R. Caputo (D-Essex) released the following statement concerning Atlantic Club’s rejection of the purchase offer made by PokerStars, an online gaming firm with a troubled business history:

“The online gambling firm’s, PokerStars, interest in Atlantic City casinos was disconcerting, to say the least, for many New Jerseyans. PokerStars is a firm with a sordid history of criminal accusations of illegal gambling, money laundering, bank fraud, wire fraud and its founder remains under federal indictment for these charges.

“The firm’s way of conducting business threatened to undermine the integrity and public confidence that Atlantic City has worked diligently to build since the enactment of the New Jersey Casino Control Act enacted in 1977.

“New Jersey is known for its rigorous standard licensing practices. To become involved with a company like this one would have been an insult to everyone who has gone under scrutiny to work or do business in the casino industry over the last 30 years.

“We all want Atlantic City to emerge from this economic slump as the thriving tourist attraction it once was in the past. And yes, the economic downturn in recent years compounded by the impact of Hurricane Sandy along our shorelines has unfortunately delayed much-needed growth of the economy and along the shore.

“We do this by making the right choices about which firm we go into business with, especially when it comes to our involvement with PokerStars and any other firm with a long line of dubious business dealings. I applaud the Atlantic Club for its decision to reject the PokerStars purchase offer.

“The actual benefits of New Jersey’s new law allowing online gaming as having the potential to provide Atlantic City with an additional revenue stream that would help revitalize the gaming industry and help the economy is still debatable. However, I am sure Atlantic City will find the best and most productive way to capitalize on online gaming with a more reputable firm.”