Ultimate Gaming Exits New Jersey
Atlantic City’s online gambling industry, still very much in its fledgling state, has lost its first operator as Ultimate Gaming has closed its online casino and poker websites and, according to a statement released on their website, has terminated its agreement with Trump Taj Mahal Associates LLC.
While Trump Plaza’s partner, Betfair, is intent on staying in New Jersey despite the closure of its land based partner, the same cannot be said of Ultimate Gaming, who has pulled out of Atlantic City amidst accusations of a breach of contract by its former partner, the Trump Taj Mahal.
The news was released by a statement on the Ultimate Gaming casino and poker websites, announcing their termination of the contract with Trump Taj Mahal as well as the plans to close the casino on Sunday 21st of September at 11.50 Eastern Daylight Time (EDT). They also urged all members to clear their casino accounts.
“We thank you for the support and are very sorry that we will not be able to continue to serve you in New Jersey” the statement finished. This shows that although they may have left New Jersey, Ultimate Poker Nevada, a separate company, will remain open and continue to accept bets from players in Nevada.
Trump Entertainment Resorts, the parent company of the Taj Mahal, declined to comment on the matter, amidst the closure of the Plaza and the bankruptcy of the Taj Mahal. Unless the company can come to some compromise with its labor union, the casino is threatening to close its doors on the 13th of November, leaving nearly 2000 people jobless.
In the bankruptcy filings earlier in the month, Trump Entertainment revealed that both its online gaming partners had taken steps to end their relationship with the beleaguered company. In the same fillings, Trump Entertainment has listed Ultimate Gaming, owned by Station Casinos, as a creditor citing the number owed by Trump Entertainment as $1.5 million, money that has yet to be paid.
“We are owed about $1.5 million from Trump Entertainment” said Marc Falcone, Senior Vice President of Ultimate Gaming, “We in effect haven’t been paid for more than two months. Money that the site generated and that we are owed, we were never given”.
Speaking about the failed partnership, Falcone went on to add: “We wish things could have turned out differently for us. Unfortunately, as they say in Poker, we were not dealt a good hand”.
Falcone was also referring to the lack of support received by Ultimate Gaming’s land based partners, Trump Taj Mahal. Other casinos such as Party Poker and Borgata as well as 888 and Caesars, who sit at the top of the revenue list, worked together to make the online casino a success.
Ultimate Gaming, on the other hand, had to pretty much go it alone as the Taj did not launch an online site or do any marketing for online play, leaving Ultimate Bet severely disadvantaged in what seems to be, a very competitive and extremely overcrowded market. Possibly proving what Donald Trump had said earlier in the week, effectively blaming the hedge funds and corporate bondholders for mismanaging the casino.
Despite the termination of their New Jersey operations, it was not from a lack of effort on the online casinos part as they showed good a good performance, bringing in $500 000 a month, figures that are similar to those of the Golden Nugget, one of Atlantic City’s most successful casinos.
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