September 20, 2015 |
Stockton University's $22 million sale of the former Showboat casino in Atlantic City to developer Bart Blatstein will not make the university financially whole, its president said Friday. Legal issues continue to trouble the property, and the sale proceeds will not cover the university's Showboat-linked costs, which will total millions more. Stockton paid $18 million to buy the property from Caesars Entertainment in December; a $26 million deal to resell it fell through. School and local officials praised Friday's announcement, calling it a big step toward ending a months-long roller-coaster ride for the school.
September 18, 2015 |
GALLOWAY TOWNSHIP - Stockton University has agreed to sell its troubled Showboat property, its interim president said Wednesday, after the school's trustees approved the deal. The Inquirer this week reported that Bart Blatstein, the Philadelphia-based developer credited with sparking redevelopment in Northern Liberties and elsewhere, was in talks with the university on buying the Showboat. On Wednesday, Harvey Kesselman, Stockton's interim president, would not reveal the buyer's identity, the selling price, or other details, citing a due-diligence period that is to end Thursday.
September 16, 2015 |
Developer Bart Blatstein is poised to buy the former Showboat casino property in Atlantic City from Stockton University, potentially ending a political and legal mess that has dogged the school for months. The Philadelphia-based Blatstein is finalizing an agreement with Stockton for a price greater than the $18 million the school paid for it last December, a person with knowledge of the deal said. Details of the agreement remained murky Monday evening, with Stockton's president and Blatstein both declining comment.
July 22, 2015 |
After months of little progress in clearing a complex web of legal restrictions around the former Showboat casino property in Atlantic City, Stockton University may have new hope in the form of legislation to be introduced by two state lawmakers. State Sen. James Whelan and Assemblyman Vincent Mazzeo, Democrats who represent Atlantic County, announced Monday a bill that would remove land covenants from publicly owned property in the Atlantic City Tourism District. Their goal: Clear conflicting restrictions on the Showboat property, freeing Stockton to sell it. "The imposition of deed restrictions is particularly offensive when applied to limit the use and nature of improvements upon public property located in the Tourism District," the proposed bill reads.
July 12, 2015 |
What do 50 Cent, Pauly D, Paris Hilton, Brody Jenner, Lance Bass, and Dennis Haskins have in common? They're all regulars at Harrah's Atlantic City. Each has hosted multiple parties at Pool After Dark, the casino's nightclub. Other hip Atlantic City clubs, such as MIXX at The Borgata and Dusk at Caesars, are booking electronic dance music artists and well-known DJs this summer. Pool After Dark plays Top 40 hits; its party hosts are often celebrities closer to D-list than A-list. On Wednesday, 50 Cent hosted his 40th birthday party at the pool.
May 10, 2015 |
ATLANTIC CITY - Behind closed doors in the mayor's office, parties interested in the fate of the former Showboat casino hotel met Friday to try to resolve a tangled legal impasse. But when the meeting at City Hall was over, no one - including Mayor Don Guardian and Florida developer Glenn Straub - would say what had transpired, citing confidentiality. Also in attendance were representatives of Stockton University, which bought the shuttered Boardwalk casino with a plan to turn it into a campus, and of Trump Entertainment Resorts.
April 3, 2015 |
ATLANTIC CITY - Philadelphia developer Bart Blatstein paid a visit to this city Wednesday with his usual swagger as a doer vs. a talker. With more than 30 years as a developer, he boasted, he's done a lot on the other side of the river transforming neighborhoods, such as Northern Liberties, with hip restaurants and new housing behind his company, Tower Investments Inc. Now Blatstein has his sights on a down-on-its-luck, moribund high-end mall -...
March 27, 2015 |
Trump Taj Mahal casino's parent company is seeking to block Stockton University's creation of an Atlantic City campus next door to the Taj Mahal because it doesn't want to contend with underage college students trying to gamble, the company said Wednesday. Stockton's president says he still hopes to see the Showboat Casino property turned into a branch campus for thousands of students. Trump Entertainment Resorts "does not think having a college next door to the Taj is good for our company," it said in a statement.
March 26, 2015 |
Stockton University announced Tuesday that Trump Entertainment was seeking to block the transformation of the shuttered Showboat Casino into an "island campus" for the university - a move touted as a game-changer for the embattled local economy and the school. Trump Entertainment will use a 1988 legal covenant with Caesars Entertainment - Showboat's former corporate parent - to prevent Stockton from reopening the property as a school and hotel, according to the university. The covenant would prevent the property from being used as anything other than a first-class casino-hotel, the school said.
January 2, 2015 |
NOW WE know what rock bottom looks like. The year just passed saw Atlantic City suffer about the worst 12-month period any municipality has seen since the race-riot days of the 1960s. The numbers are ugly: four casinos - Atlantic Club, Showboat, Trump Plaza and Revel - turned off the lights, erasing some 8,000 jobs. And although a fifth casino, Trump Taj Mahal, escaped a date with the executioner, its fate is hardly settled. Harder to quantify, but no less devastating, was the negative public-relations tsunami that resulted from the casino-biz meltdown.