Atlantic City, has long been one of the gaming capitals of the USA. With the recent decline in profits, the government of New Jersey has legalized online gaming, in an effort to bring more revenue to the state, as well as allowing Atlantic City casinos a chance to maximize their profits. Even with this legalization, the results were not what they expected. Many casinos are going out of business, and losing customers to other states that also now have gambling. New Jersey expected to have at least $850 million in revenue from online gaming, but so far it’s only netted $87 million.
When online gaming was legalized in New Jersey Ultimate Gaming joined forces with the Trump Taj Mahal Casino Resort in an effort to cash in on the online gaming industry in New Jersey too, as Ultimate Gaming is based out of Las Vegas, Nevada. Ultimate Gaming has recently decided to part ways with their online gaming partner the Trump Taj Mahal Casino Resort, because they recently filed for bankruptcy. Ultimate gaming is accusing the Trump Taj Mahal Casino Resort of breaching their agreement and costing them $1.5 million which they claim is owed to them from the last two months of income.
The Trump Taj Mahal Casino Resort confirmed that they did in fact file for bankruptcy and may even close their doors permanently in November. In light of this new information, Ultimate Gaming has decided that they will discontinue online gaming in the New Jersey area, but will still offer it in Nevada, where they are based and owned by Station Casinos LLC. Ultimate gaming has yet to actually cancel their online gaming services to New Jersey, but they said it’s a move that is soon to come, but with no specific date as yet.
Marc Falcone, who is Ultimate Gaming’s Vice President, stated that, they wish that things could have been different, but they were not dealt a good hand. Ultimate Gaming has taken in $4.9 million from their online gaming sales this year, ranking them last out of six online gaming companies. PartyPoker and Borgata are the industry leaders and raked in $30 million this year from their online gaming services.
Trump Entertainment Resorts, who also runs Trump Taj Mahal, recently had to close Trump Plaza this past Tuesday, and say that Trump Taj Mahal may close by November 13, 2014 if it doesn’t get certain concessions it needs from its union. When asked about Ultimate Gaming’s withdrawal from their agreement, Trump Entertainment Resorts, declined to comment. Ultimate Gaming has directed customers looking for information on their accounts to go to www.ultimatepoker.com. or www.ucasino.com. Falcone would not disclose the monies that were being held on deposit for New Jersey players.
Falcone made it clear in a statement recently, that they are owed at least $1.5 million from money generated from the website and they were never paid the funds, and it’s been a minimum of two months since they haven’t received any monies from Trump Taj Mahal.