More Details on Ultimate Gaming NJ Exit; Blames Trump Entertainment Bankruptcy

ultimate-poker-online-poker-300x215It’s official, Ultimate Gaming is leaving New Jersey.

On Friday afternoon the company announced it would be terminating its partnership with the Trump Taj Mahal due to “multiple breaches” by the Atlantic City casino, according to the Las Vegas Review-Journal. In their official statement (which can be found at the end of this column) Ultimate Gaming made it clear that the withdrawal from New Jersey is due to Trump Entertainment’s bankruptcy filing.

The Trump Taj Mahal’s parent company, Trump Entertainment Resorts, is currently undergoing Chapter 11 restructuring and has threatened to close the Trump Taj Mahal if the unions do not make certain concessions that the company says are needed to keep the Trump Taj Mahal open.

One of the companies listed as a creditor in the Trump Entertainment bankruptcy filings is Fertitta Acquisitions Co., a subsidiary of Station Casinos, which is owed $1.5 million by the Trump Taj Mahal according to the court documents.

Due to the strict regulations in place in New Jersey, there is no reason to believe player funds are anything but secure, one of the many benefits of regulated online gambling. Ultimate Gaming is directing anyone seeking information concerning their account to www.ucasino.com or www.ultimatepoker.com.

“We are working closely with the Division of Gaming Enforcement to ensure a smooth transition for our online gaming customers as we wind down our New Jersey operations,” Ultimate Gaming Chairman Tom Breitling stated.

In Nevada it will be business as usual at Ultimate Poker.

Ultimate struggled in New Jersey from Day 1

Ultimate Gaming has struggled to gain a foothold in New Jersey, where unlike in Nevada, Station Casinos has zero presence. Their online casino product was ranked last, but it has been competitive with other operators, albeit in the lower tier.

It’s their poker product that has been atrocious, and is arguably the single biggest disappointment in the market.

In addition to generating about 1/20th the online poker revenue of Caesars and Borgata, Ultimate Poker and the Trump Taj Mahal have seen iPoker revenue decline for five consecutive months, dipping from a high of $100,000 in March to just $23,000 in August.

Operators

Online Casino Revenue

Online Poker Revenue

Borgata + partypoker

$ 19,642,649

$10,987,964

Caesars + 888

$ 14,313,958

$9,634,798

Tropicana + Gamesys

$ 14,059,363

-

Golden Nugget + Bally Tech

$ 5,054,965

-

Trump Taj Mahal + Ultimate Gaming

$ 4,469,868

$451,321

Trump Plaza + Betfair

$ 5,053,550

$49

New Jersey Division of Gaming Enforcement online gambling revenue numbers through August

Full Statement on New Jersey withdrawal

TRUMP TAJ MAHAL ASSOCIATES’ BANKRUPTCY LEADS TO ULTIMATE GAMING’S WITHDRAWAL FROM NEW JERSEY ONLINE GAMING MARKET

LAS VEGAS (September 19, 2014) – Ultimate Gaming announced today that it has terminated its online gaming agreement with Trump Taj Mahal Associates LLC, which filed for Chapter 11 bankruptcy protection.  The agreement was terminated due to multiple breaches by Trump Taj Mahal Associates.  As a result of the termination, Ultimate Gaming will be withdrawing from the New Jersey online gaming market.  Ultimate Gaming will continue to maintain its existing online poker operations in Nevada through UltimatePoker.com.

“We are grateful to the State of New Jersey and the New Jersey Division of Gaming Enforcement for allowing us to be one of the first companies to bring online gaming to the citizens of New Jersey and appreciate their leadership as one of the first states to allow online gaming,” said Tom Breitling, Chairman of Ultimate Gaming.  “We are working closely with the Division of Gaming Enforcement to ensure a smooth transition for our online gaming customers as we wind down our New Jersey operations,” continued Breitling.  “We also look forward to enhancing our customer experience in Nevada by adding Mac and mobile offerings by the end of the year,” said Breitling.

Ultimate Gaming customers seeking information concerning their account can go online at www.ucasino.com orwww.ultimatepoker.com.

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