We originally thought that Stockton University was going to operate an island based campus and private hotel at the property formerly known as Showboat. That operation was delayed due to a 1988 covenant, which required the property to operate as a casino. Today, things could get even more interesting.
UPDATE: According to The Press of Atlantic City, 'Developer Glenn Straub has agreed to buy the former Showboat Casino Hotel from Stockton University for $26 million, but the college has 90 days to resolve its legal problem at the site and cancel the deal.
The purchase could allow him to connect Revel Casino Hotel to the city’s power grid through Showboat without relying on the Inlet District Energy Center that currently powers Revel. A bankruptcy judge approved Straub’s puchase of Revel on Thursday, and the power plant remains one of the unresolved issues there. Summer courses planned at the Island Campus have been canceled, and plans for a privately run hotel have also been put on hold, said Sharon Schulman, CEO for external affairs at Stockton. She said there is still a question about whether they can be ready to start classes in the fall.
The deal would also give Straub another piece of what he is calling the “Phoenix Project.”
According to a statement issued by Stockton and Polo North on Friday, that would include an airfield project at Bader Field, an extreme sports complex, two marinas with the capacity to host super yachts, a world-class multipurpose equestrian complex, indoor and outdoor water parks, two universities, a pier project and high-speed ferries and helicopter service connecting Manhattan and Atlantic City. The eight-part plan would bring $500 million in new investments to the Atlantic City area.