After shopping around among Atlantic City’s closed casino properties, Richard Stockton College has struck a deal to buy the closed former Showboat casino from Caesars Entertainment.
The college, located in nearby Galloway Township New Jersey, plans to open a city campus at the site and continue to operate part of the property as a non-casino hotel.
Announcement of the sale came from Caesars and the college and local state Assemblyman Chris Brown told the Press of Atlantic City of the college’s plans to operate a hotel.
Caesars and Stockton have signed a letter of intent for the sale, they said in a press release. The college will acquire about 28 acres and a 1,425,000 square-foot building, the statement said.
A price for the property if the sale is completed was not disclosed.
Stockton College President Herman Saatkamp said in a statement that he hopes the project “enhances Stockton’s educational growth, offerings and cost-containment while at the same time brings new educational opportunities to Atlantic City.”
Caesars officials—who closed the casino even though it was still profitable—seemed happy that the property did not go to another casino developer.
“The transformation and revitalization of Atlantic City requires the addition of a diverse set of reasons for people to come visit,” Gary Loveman, CEO of Caesars Entertainment, said in the release. “I believe the construction of a Stockton campus there will help to diversify the economy of the city, which is critical to its future well-being.”
Showboat closed August 31, and 2,100 workers lost their jobs. Caesars said it closed the property to help lessen the casino competition in the city and protect its other three city casinos. The company has already sold two other former casinos in the city—the Claridge Hotel and the Atlantic Club—with deed restrictions saying they cannot be re-opened as casinos.
For the college, which has a number of programs dedicated to the hospitality industry, the Showboat could be the second hotel operation it runs. The college owns and operates the Seaview golf resort in Galloway Township.
