Stockton University is selling the Old Showboat Casino


Posted on the 22nd of September 2015

Stockton University is selling the Old Showboat Casino

The Old Showboat casino closed its doors on the 31st of August, 2014. In December of 2014, Stockton University purchased it from Caesars Entertainment for $18 million in the hope of converting it into an urban satellite campus. However, there were two competing deed restrictions. One deed restriction placed by Caesars Entertainment, prohibited the property from being used as a casino. The other deed restriction is a 1988 legal covenant between the Showboat, the Trump Taj Mahal and Resorts casinos requiring the Showboat not to be used for anything other than a casino. One possible solution for Stockton University is to sell the Old Showboat Casino, and let someone else deal with the two competing deed restrictions. Stockton University now plans on selling the Old Showboat Casino to Bart Blatstein’s Tower Investments for $22 million.

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