Ultimate Gaming Folds Its Online Poker Hand in Nevada

Published Friday, November 14, 2014 - Online-Casinos.com
Ultimate Gaming Folds Its Online Poker Hand in Nevada

When it comes to poker there are times when one should hold and other times when one should fold and that’s the rule online poker operator Ultimate Gaming used when they made the decision to shut down the online poker offering in Nevada USA. The parent firm Station Casino controlled and operated by Frank and Lorenzo Fertitta, have closed operations in Nevada because the revenues have not met the projected goals.

Tom Breitling, Chairman of Ultimate Gaming commented, “Online poker revenues in Nevada have fallen far short of original projections,” Breitling continued to explain, “Moreover, the state-by-state approach to online gaming has created an extremely cost-prohibitive and challenging operating environment.” Breitling said in the statement, "These factors have combined to make the path to profitability very difficult and uncertain.”

Ultimate was the first gaming company to receive a license to operate a legal online poker offering in Nevada at the beginning of 2013.

A.G. Burnett, chairman of the Nevada Gaming Control Board has assured customers of the brand that the closure would be monitored closely and the closing procedure was approved by the Gaming Control Board. State regulators said that all customers will be reimbursed fully and the state’s tax revenue will be paid. Ultimate Gaming also exited the online gambling market in the State of New Jersey in September after it ended its agreement with the bankrupt Trump Taj Mahal.

The Director of the University of Nevada, Las Vegas' Center for Gaming Research, David Schwartz, commented on exit saying the move came as a surprise considering the investment the company was required to make to do business in the Nevada marketplace. It was unexpected that only three states would offer legal online poker he opined.  "I think the future has got to be a bigger market than Nevada," Schwartz then added,  "In the big picture, Americans have shown they like playing poker online."

 

 

Related news

Return to Latest News