2UP Gaming and MidOil’s investment group will acquire a casino in Atlantic City
British operator 2UP Gaming and project financing group MidOil USA have announced that their investment group, which includes backers from Asia, is on the verge of acquiring an Atlantic City casino.
According to the consortium, $330 million (€250 million) has been raised to purchase and refurbish the casino, which is based on the Boardwalk, the home of nine of the city’s 12 casinos.
Vince Crandon, managing director of MidOil USA, told the Press of Atlantic City that the group’s Asian investors were travelling to the US to finalise the deal.
“We’ve agreed on the price and other conditions. I just need to get a final agreement done,” Crandon said.
Under New Jersey law, casinos must have a physical presence in Atlantic City to offer online gambling in the state.
As a first step, 2UP has filed an application with the New Jersey Division of Gaming Enforcement for an internet license.
“I think iGaming is a game-changer for Atlantic City,” Crandon said. “We targeted the New Jersey market as the place we wanted to be.”
Crandon had previously indicated that the group would pursue the development of a new casino if a takeover of an existing facility could not be completed. However, he added: “Building is off the table. It’s absolutely an acquisition of an existing property.”
Matthew Levinson, chairman of the New Jersey Casino Control Commission, added: “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.”