Details Emerge About Stockton’s Plans for Showboat Casino
At a time when any good news is eagerly welcomed in Atlantic City, Thursday's announcement that Richard Stockton College of New Jersey plans to buy the now-shuttered Showboat Casino was roundly applauded.
But, as they say, the devil is in the details, and details so far about this pending transaction have been few.
- Stockton College has signed a letter of intent with Caesars Entertainment to purchase the 28 acre Showboat complex. The sale price has not been announced by Stockton President Herman Saatkamp referred to it as " a spectacular deal".
- Stockton has been interested in adding a satellite campus in Atlantic City for more than a decade
- Saatkamp said plans are to use Showboat's Boardwalk tower as a hotel with about 500 rooms. The other two towers would be used as dorms, classrooms and for academic use.
- The one-time casino would no longer have a gaming element, as Caesars deed restrictions in the sale would not prohibit gambling
- Showboat's gaming space would now be converted for commercial use.
- Caesars would have no interest in running the hotel, but its possible that Dolce Hotels, the company managing the Stockton Seaview Resort in Galloway might be involved.
- Saatkamp said in a best-case scenario, the hotel could be operational by summer of 2015 and students could be living and attending the new Atlantic City campus by fall of 2015.