Stockton College to Buy Former Showboat Casino

Caesars, which owns the now-shuttered Showboat Casino that closed August 31st, has signed an agreement to sell the property to Stockton College.

“If the transaction of Showboat Atlantic City is completed, Stockton will acquire approximately 28 acres and a 1,425,000 square-foot building,” the statement said. “Stockton said it plans to repurpose the former Showboat site as a branch campus. The transaction is subject to completion of due diligence by the College and the negotiation and execution of a definitive agreement.”

Stockton confirmed the expansion plans.

“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. “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.”

About 2,100 workers lost their jobs when Showboat closed this summer. The casino, still profitable, was closed when Caesars wanted to consolidate its holdings in Atlantic City.

Caesars Entertainment owns Caesars, Bally’s and Bally’s Wild West casinos on the boardwalk, as well as Harrah’s at the marina.

[Press of Atlantic City | NBC 40]