Stockton / Showboat Update…

  University officials would not confirm that the property in question is the former Showboat Casino in Atlantic City. But acting college president Harvey Kesselman said earlier this month that there is interest in the property, and in a court hearing the attorney for former potential buyer Glenn Straub said they were notified by the university of a possible sale.

Stockton purchased Showboat for $18 million in December 2014 but soon became entangled in a legal problem of dueling covenants which both require and prohibit a casino on the site. Stockton had intended to use the building as an Island Campus and a privately run hotel.

An April deal to sell the site to Straub for $26 million was never finalized, and Straub sued to try to renegotiate or enforce the contract after it expired. However Superior Court Judge Julio Mendez ruled that Stockton had properly terminated the contract and could market the property to other buyers. Straub said he would appeal.

Stockton officials have said it is costing about $400,000 a month to maintain the site, including utilities, insurance and basic maintenance and security.

Kesselman has said any decision to sell Showboat would be based on doing what is best for Stockton students and the university’s future. Stockton’s leadership also remains committed to having a presence in Atlantic City and the university has been mentioned as a potential participant in the proposed Gateway project at the end of Albany Avenue.

University officials would not confirm that the property in question is the former Showboat Casino in Atlantic City. But acting college president Harvey Kesselman said earlier this month that there is interest in the property, and in a court hearing the attorney for former potential buyer Glenn Straub said they were notified by the university of a possible sale.

Stockton purchased Showboat for $18 million in December 2014 but soon became entangled in a legal problem of dueling covenants which both require and prohibit a casino on the site. Stockton had intended to use the building as an Island Campus and a privately run hotel.

An April deal to sell the site to Straub for $26 million was never finalized, and Straub sued to try to renegotiate or enforce the contract after it expired. However Superior Court Judge Julio Mendez ruled that Stockton had properly terminated the contract and could market the property to other buyers. Straub said he would appeal.

Stockton officials have said it is costing about $400,000 a month to maintain the site, including utilities, insurance and basic maintenance and security.

Kesselman has said any decision to sell Showboat would be based on doing what is best for Stockton students and the university’s future. Stockton’s leadership also remains committed to having a presence in Atlantic City and the university has been mentioned as a potential participant in the proposed Gateway project at the end of Albany Avenue.

The next public meeting of the Stockton Board of Trustees is at 4:30 p.m. Sept. 16 in the board meeting room at the college Campus Center.

University officials would not confirm that the property in question is the former Showboat Casino in Atlantic City. But acting college president Harvey Kesselman said earlier this month that there is interest in the property, and in a court hearing the attorney for former potential buyer Glenn Straub said they were notified by the university of a possible sale.

Stockton purchased Showboat for $18 million in December 2014 but soon became entangled in a legal problem of dueling covenants which both require and prohibit a casino on the site. Stockton had intended to use the building as an Island Campus and a privately run hotel.

An April deal to sell the site to Straub for $26 million was never finalized, and Straub sued to try to renegotiate or enforce the contract after it expired. However Superior Court Judge Julio Mendez ruled that Stockton had properly terminated the contract and could market the property to other buyers. Straub said he would appeal.

Stockton officials have said it is costing about $400,000 a month to maintain the site, including utilities, insurance and basic maintenance and security.

Kesselman has said any decision to sell Showboat would be based on doing what is best for Stockton students and the university’s future. Stockton’s leadership also remains committed to having a presence in Atlantic City and the university has been mentioned as a potential participant in the proposed Gateway project at the end of Albany Avenue.

The next public meeting of the Stockton Board of Trustees is at 4:30 p.m. Sept. 16 in the board meeting room at the college Campus Center.