Another online poker website has shut down. The last of the better known sites to do so was Chan Poker, which had been run under the name and featuring the likeness of Johnny Chan. While many other smaller sites have closed their virtual doors in the past year, Bugsy’s Club is one of the more notables, which just joined the ranks of the defunct in late March of 2009.
Founded in 2003, Bugsy’s Club was owned by Quadri Holdings and seemed to be run by the same private investors behind PokerPages and Poker School Online. It was licensed in the Netherlands Antilles but operated in English, catering to a primarily U.S.-based audience. The site was popular with those who played there but lacked the player base to run larger cash games or tournaments with reasonable payouts. Thus, without enough new players or high stakes games, the site lacked profit and subsequently closed.
A message from the management and staff of Bugsy’s Club is now the front page of the website, which starts by thanking players for their support. Then it reads:
“Unfortunately, due to circumstances beyond our control with regards to banking facilities, it is with regret that we have to announce it is no longer viable for the Bugsy’s Club Poker Room to continue our business operations. However, we are delighted to inform you that Bugsy’s Club have [sic] reached an agreement with the world’s largest online poker site, PokerStars.com, to allow all Bugsy’s Club players to transfer your account balance over to their site… Regrettably, your Bugsy’s Bonus Points (BBPs) are not able to be transferred from the Bugsy’s Club Poker Room.”
It seems that 180,000 players are not allowed to simply cash out their accounts, though they will be able to do that once the transfer to PokerStars is complete. And any bonus points accrued at Bugsy’s Club seem to be lost, as the agreement struck between Bugsy’s Club and PokerStars did not include the award of corresponding Frequent Player Points.
Former CEO of Bugsy’s Club Brian Baker noted, “We are saddened by the events that have led to the closing down of the Bugsy’s Club card room. However, we are delighted that PokerStars, the world’s largest online poker site, has come forward to continue taking care of our players personally.”
With that, the online poker market thinned slightly, and PokerStars presumably gained even more players for their ever-expanding customer base.
To join in the massive influx of players heading to PokerStars, download now and use the bonus code “Stars50” and marketing code “POKERWORKS” to receive a 100% bonus on new deposits of up to $50. Those codes will also qualify new players for weekly $2,000 freerolls on PokerStars.