Former Atlantic City Showboat Casino to become College Campus

“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. Nearly 8,000 casino workers in Atlantic City have lost their jobs.

Caesars shuttered the still-profitable Showboat to reduce the number of casinos in Atlantic City, which has been struggling with plunging revenue and increased competition.

It will be the second former casino to be re-purposed this year. The former Claridge casino, which was also owned by Caesars Entertainment as part of its Bally’s Atlantic City facility, was sold to a Florida company, TJM Properties, which reopened it as a non-gambling hotel.

Caesars has also sold the former Atlantic Club to TJM, which has yet to announce plans for it but says it may consider reselling it.

Caesars has generally insisted on deed restrictions as part of the sale of its former casinos preventing the new purchasers from operating the facilities as casinos.

“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 diversify the economy of the city, which is critical for its future well-being.”