Atlantic City will get more badly needed hotel rooms starting in July when Philadelphia developer Bart Blatstein reopens his Showboat hotel. The hotel will reopen two of its three towers, offering a total of 852 rooms. The casino will not reopen due to the market and uncertainty surrounding the deed restrictions that are still unresolved on the Showboat property.
“I’m extremely bullish on Atlantic City,” Blatstein told the AP. “I’ve never seen a better opportunity.”
It’s not Blatstein’s first rodeo in Atlantic City. He previously bought the Pier at Caesars and transformed it into the “Playground” with live music, shops and nightclubs. He bought the Showboat for $23 million from Stockton University, which had planned to turn it into an Atlantic City campus but were stymied by a deed restriction.
Showboat was closed by previous owner Caesars Entertainment in September 2014, although the property was profitable to the end, with 2,000 jobs being lost. It was closed to reduce competition for Caesars other three Atlantic City properties.
Blatstein says he only last week decided the project was feasible and will hold a job fair to fill the 200 or so jobs that will be created by the reopening.
Blatstein is also negotiating with the city to buy a vacant lot between Showboat and the shuttered Revel. Sources tell GGB he wants the lot to build a convention center that would connect to the casino area, space enough for large trade shows.
And Blatstein says he’s not worried that Revel will reopen next door, where Florida investor Glenn Straub is planning a variety of non-gaming attractions. He pledges part of the property will reopen this month featuring a rope-climbing course.
“Development breeds development,” he said. “People bring more people.”
Atlantic City Mayor Don Guardian is excited about Blatstein’s news.
“Bart Blatstein continues to deliver on his promises for redevelopment and revitalization of Atlantic City,” Guardian said. “Having Bart and any other developers invest in Atlantic City during this crucial time will help us revitalize the city for many years to come.”
