Richard Stockton College announced Friday, December 12, 2014, that it completed a deal to purchase the Boardwalk casino-hotel for $18 million.
Showboat is one of four casinos – along with Atlantic Club, Revel, and Trump Plaza – that have closed this year in the struggling resort. Atlantic Club and Revel are still actively looking to secure buyers, while the city has plans to implode Trump Plaza.
Stockton plans to transform the former Mardi Gras-themed gambling destination into a full-service residential campus awarding undergraduate and graduate degrees and other professional training.
Stockton said that it purchased the 1.73 million-square-foot casino-hotel with funds from the college’s Investment Fund, so the transaction is debt-free and tuition is not expected to go up as a result of the acquisition.
Stockton expects to have the hotel portion of what it is calling Stockton-Island Campus operating by late spring, with some summer classes to follow. Full academic programs are expected to begin in Fall 2015.