A London-based online gaming company, 2UP Gaming PLC, could announce as soon as Labor Day weekend whether it will acquire an existing Atlantic City casino or build a new one in order to begin offering online gaming in New Jersey under the state's new Internet gaming law.
Vincent Crandon, managing director of the financing company MidOil USA, said a group of Asian investors has committed $330 million to enable 2UP to either build or buy an Atlantic City casino.
"We are in the final stages of having our intended transaction come together," Crandon said. "We are negotiating the potential acquisition of one of the (casino) properties in town," and if that deal doesn't come through, "we have explored building a new property."
Under New Jersey law, casinos with a physical presence in Atlantic City can operate online gambling operations.
"2UP has been working diligently for the past 12 months assembling the finest technology and strategy necessary to be a global leader in the i-gaming marketplace," said 2UP CEO Marino Sussich in prepared comments.
Crandon said 2UP could hire about 100 people this year, and hundreds more in the years ahead.
"We look at this as a jobs bill," he said of the state's Internet gaming law. "We are going to be hiring a lot of people, putting a lot of people to work."
He said 2UP will hire dealers, because the company's technology uses live dealers who deal cards to online gaming patrons via the Internet. In addition, 2UP will move its data center to Atlantic City, creating jobs for IT people as well as dealers, Crandon said.
Jeffrey Vasser, president of the Atlantic City Convention and Visitors Authority, said of the 2UP announcement, "It is certainly a nice endorsement of Atlantic City, and what has been going on here that another company is considering coming in and investing in more capital improvement in A.C. It is just fantastic. Atlantic City continues to invest in itself, and I think that message is getting out to the developer community — and that's a good sign."
Reporter Beth Fitzgerald is @BethFitzgerald8 on Twitter.