As an eventful year draws to an end, we're saddened by the inside track that the Atlantic Club Casino Hotel in Atlantic City may be closed within the coming weeks after being sold through a bankruptcy court auction.

It's always sad when hard-working people lose their jobs, especially in the course of the holiday season. That is particularly sad, though, as it simply did not have to happen.

At this time last year, PokerStars reached an agreement that may secure a brand new future for the casino, save the roles of 1,800 employees and inject new blood, new technology and new finances into the Atlantic City casino economy.

It was a leap of religion and commitment of important investment for PokerStars to do that considering there has been not yet a web-based bill in New Jersey and we faced a challenging regulatory approval process. Nevertheless, in good faith we immediately began funding the Atlantic Club operations, which provided the present owners with a lifeline and secured jobs in the dead of night days following Hurricane Sandy and the seasonally slow winter months.

As spring approached, the industrial prospects for the Atlantic Club gave the impression to brighten much more with the newly-enacted iGaming legislation and the promise of summer tourism business at the horizon. That's when the casino's then-owners gambled with their employees' future. In hopes that the enhanced economic picture may lead to more rewards for them they walked clear of our contract instead of wait another few months for the regulatory approval process to be completed.

Now, the Atlantic Club can be stripped for parts and its employees may be put out onto the boardwalk searching for new jobs in 2014.

We continue to share the vision that online gaming can be a boon for brand spanking new Jersey. Unfortunately, PokerStars isn't any longer able to help the Atlantic Club employees and the local economy basically. The continuing delays in our regulatory review prevent us from entering the market presently and bringing the promoting and operational investment we now have planned for the past year. Those investments included establishing a U.S. office in NJ which might employ 250-300 people within the first two years and launching extensive marketing programs to energise our loyal customer base within the area and grow the web gaming market within the state.

We've delivered on similar commitments in newly licensed markets around the globe and these investments and management practices established us as an industry leader and we've been recognized as a great spot to Work in 2012 and 2013.

PokerStars doesn't share the vulture-like management practices that resulted in the approaching job losses and disappointment of thousands of individuals in New Jersey with the closure of the Atlantic Club. Instead, PokerStars will continue to pursue our goals and remain confident that we'll have a robust presence and positive economic impact within the American market in 2014, whether that may be in New Jersey or another state seeking some great benefits of being home to a world-class online gaming company.

Eric Hollreiser is Head of Corporate Communications for PokerStars.

Read More... [Source: PokerStarsBlog.com :: Corporate Blog]