Richard Stockton College will acquire the shuttered Showboat Casino Hotel from Caesars Entertainment with plans to repurpose the Atlantic City property as a branch campus, the school and the gaming giant announced Tuesday.Terms of the pending sale were not disclosed, with the transaction pending the completion of due diligence by both parties. The announcement revealed few other details than to say that if the transaction is completed, Galloway-based Stockton will acquire about 28 acres and a 1,425,000-square-foot building.
“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 prepared 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.”
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“The transformation and revitalization of Atlantic City requires the addition of a diverse set of reasons for people to come visit,” said Gary Loveman, chairman and CEO of Caesars Entertainment. “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.”
The announcement comes two months after the struggling casino closed its doors and on the same day Gov. Chris Christie held a summit with industry leaders and top public officials in Atlantic City. It’s the second time such a gathering was held in the resort town, as stakeholders weigh the future of a place that has been decimated by increased gaming competition from surrounding markets.
Showboat was one of four Atlantic City casinos to shut down year, following the closure of the Atlantic Club in January and of Revel and Trump Plaza in September.
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