Stockton College Signs Letter of Intent to Purchase Showboat Atlantic City

On Nov 12, 2014

Stockton College and Caesars Entertainment Corporation announced today they have signed a letter of intent for Stockton to acquire Showboat Atlantic City from Caesars Entertainment.

Stockton said it plans to repurpose the former Showboat site as a branch campus. The transaction is subject to completion of due diligence by the College and the negotiation and execution of a definitive agreement. Terms of the pending sale were not disclosed.

If the transaction of Showboat Atlantic City is completed, Stockton will acquire approximately 28 acres and a 1,425,000-square-foot building.

“Our intent is to engage in a project that enhances Stockton’s educational growth, offerings and cost-containment while at the same time brings new educational opportunities to Atlantic City,” said Stockton College President Herman Saatkamp. “Because we are merely at the letter-of-intent stage and bound by a confidentiality agreement, it is premature for me to give out any additional information.”

“The transformation and revitalization of Atlantic City requires the addition of a diverse set of reasons for people to come visit,” said Gary Loveman, chairman and CEO of Caesars Entertainment. “I believe the construction of a Stockton campus there will help to diversify the economy of the City, which is critical to its future well-being.”

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