The Florida developer who's buying Atlantic City's former Revel casino has put up $26 million for the purchase of another shuttered casino next door.
But the deal faces the same legal problem that sunk it after Stockton bought the building.
Glenn Straub says his move Friday to acquire the former Showboat casino from Stockton University is the start of a $500 million bid to redevelop Atlantic City called The Phoenix Project.
Straub and Stockton issued a joint press release Friday saying the move brings Stockton's plan for a satellite campus at the Showboat under the auspices of The Phoenix project.
But Trump Entertainment Resorts told the Associated Press it will continue to enforce a legal restriction requiring the Showboat building to only operate as a casino.
