Atlantic City Showboat Casino Sold, Will be Turned Into College Campus

Atlantic City’s famed and now shuttered Showboat Casino has been sold to Stockton College, which plans to convert the property into a satellite campus.

Caesars Entertainment and the college announced the purchase plan on Wednesday. The sale price was not announced, nor was a target closing date released.

"Our intent is to engage in a project that enhances Stockton's educational growth, offerings and cost-containment while at the same time brings new educational opportunities to Atlantic City," Stockton President Herman Saatkamp said. "Because we are merely at the letter-of-intent stage and bound by a confidentiality agreement, it is premature for me to give out any additional information."

Caesars Entertainment closed the Showboat on Aug. 31, one of four Atlantic City casinos to shut down so far this year.

"The transformation and revitalization of Atlantic City requires the addition of a diverse set of reasons for people to come visit," said Gary Loveman, chairman and CEO of Caesars Entertainment. "I believe the construction of a Stockton campus there will help to diversify the economy of the city, which is critical to its future well-being."

- Aaron Goldstein, Gambling911.com