New Jersey College Agrees to Buy Atlantic City's Failed Showboat

A South Jersey university plans to make a big splash along Atlantic City’s struggling boardwalk.

Richard Stockton College announced Wednesday that it plans to purchase the defunct Showboat Casino on the Atlantic City Boardwalk.

"Our intent is to engage in a project that enhances Stockton's educational growth, offerings and cost-containment while at the same time brings new educational opportunities to Atlantic City," Stockton College President Herman Saatkamp said in a statement. "Because we are merely at the letter-of-intent stage and bound by a confidentiality agreement, it is premature for me to give out any additional information."

Stockton did however reveal that they plan to repurpose the former gaming hall and resort as a branch campus.

Other plans for the 28-acre plot of land and 1,425,000-square-foot building will be closely watched following the closure of not only the Showboat but also three other casinos along AC’s Boardwalk.

“The transformation and revitalization of Atlantic City requires the addition of a diverse set of reasons for people to come visit,” said chairman and CEO of Caesars Entertainment Gary Loveman. “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."

Both sides didn’t disclose the financial details of the deal. They also didn’t say when the deal would be complete.

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