Bwin.party Looses Investors in US Online Gambling Venture

Published Saturday, November 02, 2013 - Online-Casinos.com
Bwin.party Looses Investors in US Online Gambling Venture

The cost of doing business sometimes includes unforeseen expenses and even deals that fall through at the last minute. The race for a license to operate an online gambling offering in New Jersey was a short one that left little time ofr operators to find partners and comply with the licensing application process.

More than forty companies applied for the possibly lucrative contract licenses to offer internet betting services in New Jersey’s Atlantic City. The Press of Atlantic City recently reported that two shareholders each owning around seven percent of bwin.party digital entertainment, a firm that has partnered with Borgata Hotel Casino & Spa's for an internet betting offering in Nevada and New Jersey.

bwin.party, announced a few days ago that Emerald Bay Limited, owned by Ruth Parasol DeLeon, and Stinson Ridge Limited, owned by James Russell DeLeon, will divest of themselves of holdings in the firm. Bwin.party and it shareholders applied to the New Jersey Division of Gaming Enforcement for a license on July 29. The application process required that certain substantial shareholders submit individual licensing applications something which these shareholder did not want to go through.

According to a statement released by bwin.party, the DeLeons are going through a divorce and for "reasons of privacy" made the decision to relinquish their shares rather than submit applications to the New Jersey Division of Gaming Enforcement.

Borgata was issued the newly regulated jurisdiction the first online gambling permit. When bwin.party is granted permission to operate online gambling in New Jersey, the DeLeons will place their holdings into a trust, and their shares will be divested over a period of 36 months. Bwin.party has been running fast to catch up with the rest of the pack when it comes to offering their brand in America. Things haven`t gone smooth for the company which is well known for the Party Poker brand in Europe.

Related news

Return to Latest News