ATLANTIC CITY, N.J. (AP) – Stockton University’s sale of the former Showboat casino to a Philadelphia developer has been delayed.
The university announced Friday that the $22 million sale to Bart Blatstein scheduled to be completed Monday has been pushed back to Jan. 16.
Interim Stockton President Harvey Kesselman describes it as positive news that will give tax benefits to Blatstein’s Tower Investments. He says the university will immediately recoup more money it has tied up in the property.
The deal was announced in September and rid Stockton of a property it once thought would be its long-sought urban satellite campus, but which brought the suburban university nothing but trouble.
Plans to open the campus were scuttled by dueling deed restrictions that said the property both had to remain a casino and could never be used as a casino again.
Copyright 2015 The Associated Press.
