The gambling sector in New Jersey has been unstable for the last couple of months and the official closure of four casinos had a devastating effect on the economy in the Garden State.
Showboat was among the venues that used to be appealing for tourists and local people alike but unfortunately it filed for bankruptcy three months ago.
However, the venue might have new owners pretty soon and even though it will not be reopened as a casino, its purpose will be much more important.
A few days ago, representatives of Richard Stockton College expressed their willingness to obtain the Showboat venue and turn it into a campus. If the deal is completed, the college will have the opportunity to build a spacious campus, spread over 28 acres of land.
The President of Stockton College, Hermen Saatkamp, commented that a top priority of the board is providing the students with new educational opportunities but he refused revealing information about the deal as it considered it to be confidential. The sum of money Stockton College has to pay, in order to acquire the property, remains unknown as well as the target closing date of the deal. Yet, Saatkamp reassured the media that once everything is finalized, every detail about it will be officially announced.
The deal between Showboat and Stockton College is believed to be favorable to the economy of New Jersey as the state has gone through a great number of difficulties lately.
Gary Loveman, the CEO of Caesars, commented that it will be beneficial to Atlantic City and the tourism sector will be boosted as well. A main priority of the authorities of the city should be ensuring a wide variety of places that might pose an interest for people to visit. He seemed to be hopeful that the establishment of a new satellite campus will play a key role in revitalizing the local economy.
The closing date of the Showboat was 31st of August 2014; as mentioned above, the venue was among the four casinos that closed doors for players. However, it seems like it will be the second one to be reopened in the foreseeable future. The new owner of Claridge casino, TJM Properties, is believed to be a reliable one and the managers worked hard towards creating a successful strategy for establishing a new, successful venue. They announced that the former casino will be reopened as a hotel and there will not be any gambling activities available on the premises.
TJM Properties also owns another closed casino – Atlantic Club, but for the time being, the managers haven’t decided what its purpose would be. Eventually, they might even sell it to another investor.
What is curious about the deals with the closed casinos is that their former owner – Caesars, included a special clause in the contracts before selling the facilities. The new owners were prohibited from reopening the newly acquired premises as casinos.
