The Rational Group, owners of several on-line gaming websites, has agreed to buy The Atlantic Club Casino.

In a late-breaking story in The Press of Atlantic City Tuesday afternoon, it was announced that The Rational Group has filed papers with the New Jersey Division of Gaming Enforcement seeking regulatory approval to purchase the casino.

Michael Frawley, COO of The Atlantic Club told The Press, "The acquisition of the Atlantic Club Casino Hotel will secure up to 2,000 jobs and maintain the economic benefits the casino brings to New Jersey. During this interim period, the Atlantic Club Casino Hotel will operate as normal under current management, which will be retained following completion of the acquisition.”

Terms of the deal were not announced and several rounds of regulatory approval must be completed before the sale can close.

The Atlantic Club Casino has had a colorful history over the past couple years. In June, 2011, Hilton Casinos ended its licensing agreement with the facility, causing the name of the building to be changed from the Atlantic City Hilton to ACH. Just 11 months ago, ACH was renamed The Atlantic Club, targeting South Jersey-area gamblers as, "a casino for the rest of us."