CD Files Suit Against Atlantic City Exec, Nicholas Ribis

CHURCHILL DOWNS FILES LAWSUIT AGAINST ATLANTIC CITY CASINO EXEC
Paulick Report

Churchill Downs Inc. filed a lawsuit Feb. 3 in Louisville, alleging Atlantic City casino executive Nicholas L. Ribis defrauded the company in a proposed deal that would’ve allowed Churchill Downs to launch an online gaming company in New Jersey.

According to a report by WDRB News in Louisville, Churchill Downs claims in the suit that Ribis, a New Jersey businessman, “strung the company along” last year in a deal to purchase an Atlantic City casino. The racetrack states that Ribis continually said that he was close to purchasing the Showboat Atlantic City Casino and Hotel from Caesars Entertainment Group, but he never closed the deal.

Churchill Downs had hoped to purchase Showboat and then develop “an internet gaming and online gambling system” tied to the casino. New Jersey law allows physical casinos to also conduct online gaming.

Churchill officials are seeking to recoup the $2.5 million deposit given to Ribis, in addition to “unspecified damages”.

Read more at WDRB.com
(video and story)
www.wdrb.com/story/24631901/churchill-downs-claims-it-was-misled-in-atlantic-city-casino-deal