Officials from Richard Stockton College in the nearby Galloway Township said in a statement that they plan to convert some of the 130,064 sqm building into dormitory space.
The former casino floor is to be converted into administrative offices while the Showboat’s former theaters will house facilities for dance, music and drama programs.
One of the three towers will remain a hotel with 479 rooms.
The college said the dormitories could be used as hotel rooms during summer months, when demand is high and most students are away from campus.