Stockton University Considers Offers for Shuttered Showboat Casino
Stockton University officials revealed on Monday that they have received a number of proposals for Atlantic City’s Showboat casino.
Harvey Kesselman, Acting President of the university, pointed out in a statement that its board of trustees and senior leadership discussed at a special Monday meeting the future of the building as well as the terms of the offers that had been submitted in order to choose the one that best meets Stockton’s interests. gclub casino
It was exactly one year ago when the former hotel and casino venue closed its doors for visitors and it has been shuttered since then.
A few months after its closure, it was purchased by Stockton University for a total of $18 million. The New Jersey college revealed plans to turn the former gambling venue into a campus for its students. In fact, Stockton University has been interested in establishing such a campus in Atlantic City for years now.
According to the initial plan, the property’s Towers 2 and 3 would have been converted into the so-called Stockton-Island Campus and would have included a total of 852 rooms for students as well as dining, recreational, and other facilities. Tower 1 was expected to operate as a 479-room hotel and would have also featured dining and entertainment options for guests.
However, the college was prevented from doing so due to a 1988 legal covenant between owners of the former casino and Trump Entertainment Resorts, which runs and operates the neighboring Trump Taj Mahal. Under the said agreement, Showboat could only be used as a gambling venue and nothing else.
Due to the above-mentioned legal restrictions, college officials have decided to sell the former casino as it monthly costs Stockton University about $400,000 to maintain a building that cannot be used.
Earlier this year, it was announced that the university would sell the shuttered property to businessman Glenn Straub for the amount of $26 million. The Florida-based real estate developer also purchased Revel casino, which, too, was closed back in 2014. However, a final deal between the university and the businessman was never reached.
Mr. Straub even filed a lawsuit against Stockton arguing that the university had not done its best to solve the restriction issues. In August, a judge ruled that the contract with the businessman was terminated in a proper manner and that the university was free to find another buyer for the building.
Thus, Stockton will be stuck with a property that cannot be converted into a campus for a bit more time. University officials also noted that they are still looking for opportunities to establish a campus somewhere in Atlantic City.