atlantic city

Stockton University Looks for New Buyer for Showboat Casino

Stockton University says developer Glenn Straub isn't serious about buying Atlantic City's former Showboat casino, and the institution will seek a new buyer for it.

Stockton President Harvey Kesselman says it will actively seek other buyers for the property, which it had hoped to turn into a satellite college campus.

It bought the shuttered casino for $18 million in December from Caesars Entertainment.

Conflicting legal restrictions over how the property can be used have thus far prevented Stockton from converting the Showboat into classroom space.

Straub's $26 million deal to purchase Showboat from Stockton had to close by 1 p.m. Thursday.

On Wednesday, he sued the university, seeking to extend the closing deadline while the legal restrictions are decided in bankruptcy court.
 

Copyright AP - Associated Press
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