Stockton College Agrees to Purchase Shuttered Showboat Casino

The Richard Stockton College of New Jersey and Caesars Entertainment have signed a letter of intent for Stockton to acquire Showboat Atlantic City, the College announced Wednesday afternoon.

Terms of the transaction were not disclosed.

The transaction is subject to completion of due diligence by the College and the negotiation and execution of a definitive agreement.

Once the transaction is completed, Stockton would acquire about 28 acres and a 1,425,000 square-foot building.

Stockton intends to transform the former casino into a branch campus.

“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.”

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

In October, The Press of Atlantic City reported Stockton was considering buying either the Showboat or the Atlantic Club, two of the four casinos that closed this year.

The acquisition and transformation of the Showboat would continue the expansion of Stockton College, which announced earlier this year that it is seeking University status.