Stockton University Set To Purchase Closed Atlantic City Casino
Opening a branch campus and new dormitory in Atlantic City isn’t all that Stockton University has on their agenda. It appears that they are very near to closing a deal that would see them snap up one of the Boardwalk’s last vacant casino properties.
The Atlantic Club closed its doors in January 2014 which is around the same time that Showboat, Revel, Trump Plaza, and the Trump Taj Mahal also closed their doors in Atlantic City. The university’s board of trustees will consider the proposed purchase when they meet on Wednesday.
TJM Properties, who presently own the property would be required to demolish the main tower building which has fallen into a state of disrepair over the past few years. If the purchase is successful, the Trump Plaza building would be the last vacant property on the Boardwalk.
This is a pleasant turnaround from a difficult period that recently had 5 casino properties sitting vacant. Trump Plaza is now considered a tear-down property after being vacant for nearly 4 years. Billionaire Carl Icahn is the current owner and he is seeking public funds to demolish it.
After the Showboat closed their doors, Bart Blatstein purchased it and it is now operating as a hotel which recently hosted a number of gatherings. The Trump Taj Mahal re-opened this summer under the Hard Rock name and the Revel is now Ocean Resort Casino. It’s taken a few years and a lot of money but the Boardwalk seems to have recovered nicely.
Stockton University Needs More Housing
Stockton University president Harvey Kesselman revealed that they would like to see the Atlantic Club property turned into a nine-level parking garage that boasts 50,000 square feet of office space. The area where the badly deteriorated tower currently sits could be used for housing after it is razed. Stockton University has previously sold Showboat Casino which it bought in 1994, recently the Seaview Resort was sold which was used to house around 250 students as well as being a base for the university’s hospitality classes. The $21 million that was generated from that sale will go a long way toward making the Atlantic Club purchase a reality.
Stockton spokesperson Diane D’Amico said that the university is in dire need of housing and that they are at close to 98% capacity in Atlantic City. If the university is going to grow then the Atlantic Club property is in a great location as it is close to the campus.