Over the weekend, the Press of Atlantic City reported that shareholders of a company partnering with Borgata for online gambling services will sell their stake of the company, ending the partnership.
Ruth Parasol DeLeon-owned Emerald Bay Limited, and James Russell DeLeon-owned Stinson Ridge Limited will divest their 7 percent ownership of the company.
Borgata Hotel and Casino Spa’s online partner bwin.party applied for a license to the New Jersey Division of Gaming Enforcement on July 29. Part of the application process requires that certain significant shareholders submit individual licensing applications.
A bwin.party statement said that the DeLeons are going through a divorce settlement and for privacy reasons have opted to relinquish their shares as opposed to submitting applications to the Division of Gaming Enforcement.
The DeLeons will place their holdings into a trust and their shares divested over 3 year period once bwin.party is allowed to operate Internet gambling in New Jersey.
In October, Borgata was granted the state’s first Internet gambling permit. According to New Jersey guidelines, before online wagering can begin, both the casino and its online partner need approval.
After a five-day trial run, online gambling will begin in New Jersey on November 26th.
According to the state, more than 40 companies have applied for online licenses. Names of those whom have applied will not be disclosed unless companies elect to do so.
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