Stockton University To Look For A New Showboat Casino Buyer
Stockton University decided to buy the former Showboat casino from Caesars and convert the casino into a university that would be an extension of Stockton. Herman Saatkamp was the president of Stockton when the $18 million dollar purchase back in December 2014.
Things soon went south for Stockton as the Trump Taj Mahal objected to Stockton’s proposal of using the Showboat premises as a University campus. The Trump Taj Mahal which is located near the Showboat property feared that a University next door would promote underage gambling and cause more problems for the Taj Mahal.
The Trump Taj Mahal had signed an agreement in 1988 with the owners of the Showboat casino stating that the premises can be used only for gambling related activities. The Trump Taj Mahal decided to invoke this clause and it became clear to Stockton University and Herman Saatkamp that the former Showboat casino could not be used as a University campus and they had made a mistake in acquiring the property. Herman Saatkamp sent in his resignation and the University decided to put the property up for sale.
Florida real estate developer Glenn Straub who earlier purchased the former Revel Casino in Atlantic city expressed interest in acquiring the Showboat casino back in April 2015. Straub had time until the 2nd of July to close the deal but recently requested for an extended timeline to complete the $26 million deal.
Stockton University recently announced that it cannot afford to wait any longer on Straub and his proposal. The University has decided to look for a new buyer but Straub has filed a case against the University to prevent them from selling to anyone else.
In a statement, acting university president Harvey Kesselman said
Given Mr. Straub’s litigious background, it is not surprising he is suing Stockton since it appears as if he has no intention of buying Showboat for the contracted price of $26 million. We will pursue the contract’s remedies which include cancellation, and we will actively seek other buyers who want to do what is best for our students, Atlantic City and our region.
Straub stated that he expressed interest in buying the property and was still committed to closing the deal but he needed more time to complete a thorough analysis of the former’s casino’s deed restrictions. However, Stockton has decided to go ahead and look for a new buyer as the University believes that Straub has had sufficient time to complete his research and close the deal.
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