Report:Developer Interested in Buying Showboat

A developer with ties to Atlantic City is interested in buying the shuttered Showboat Casino, according to a report by NJBIZ.

"Developer Bart Blatstein is in line to buy the shuttered Showboat Casino Hotel from Stockton University, a purchase that could close the door on the school's ill-fated plans to convert the property to a satellite campus, NJBIZ has learned.

The Philadelphia-based builder, whose firm is overseeing the transformation of the former Pier Shops at Caesars, has signed a purchase agreement to acquire the property, according to a source with knowledge of the deal. The source was not authorized to speak about the agreement publicly, and it was not clear how much Blatstein would pay for the former boardwalk casino or what his plans are.

If the sale is completed, it could help Stockton move on from its controversial plans to convert Showboat into a so-called island campus. The Galloway-based university paid $18 million to acquire the property last December from Caesars Entertainment, but its plan collapsed in March because of restrictions on the building’s use as a nongaming facility."