Atlantic City land casino to make way for a college

Speculation around the fate of the Showboat, the third Atlantic City land casino to shut down this year (see previous  reports) has ended following an announcement by Stockton College that it has agreed to obtain the property from Caesars Entertainment for an undisclosed consideration.

The education company said Wednesday that it intends to convert the spacious property into a satellite campus. The asset comprises a 1.4 million square foot building, which held 1,329 hotel rooms on 28 beachfront acres.

“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 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.”

Stockton College purchased the Seaview Resort in Galloway Township, New Jersey, in 2010 for $20 million. It uses part of the property to train students in hospitality and generate revenue for the college, and to house students.

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