Stockton University announced Friday that their sale of the former Showboat Casino to Philadelphia developer, Bart Blatstein which was expected to wrap up Monday, will be delayed until mid January. The news was spun as positive by Interim Stockton President Harvey Kesselman who said it would allow the university to recoup more money immediately and that the new date for closing would provide tax benefits to Tower Investments, the Blatstein company buying the Atlantic City, New Jersey landmark.
Stockton has been trying to get out from under their purchase, which has proved be a thorn in the respected university’s side since they bought the former casino to establish an urban satellite campus. Conflicting deed restrictions, one saying the property must always be used as a casino – and another saying it may not be, made it impossible for Stockton to fulfill their long-sought dream of developing the property for their intended purpose.
After a failed deal with new Revel Casino owner, Glenn Straub, on September 18th Stockton announced they had come to an agreement with Blatstein to transfer the property for $22 million. The developer was instrumental in turning The Pier Shops at Caesars into “The Playground” a $50 million renovation that opened in June with a new concert venue, themed clubs, bars and retail outlets.