Stockton seeks new Showboat buyer; says Straub not serious

Stockton University says developer Glenn Straub isn’t serious about buying Atlantic City’s former Showboat casino, and the institution will seek a new buyer for it.

Stockton President Harvey Kesselman says it will actively seek other buyers for the property, which it had hoped to turn into a satellite college campus.

It bought the shuttered casino for $18 million in December from Caesars Entertainment.

Conflicting legal restrictions over how the property can be used have thus far prevented Stockton from converting the Showboat into classroom space.

Straub’s $26 million deal to purchase Showboat from Stockton had to close by 1 p.m. Thursday.

On Wednesday, he sued the university, seeking to extend the closing deadline while the legal restrictions are decided in bankruptcy court.

Want a digest of WHYY’s programs, events & stories? Sign up for our weekly newsletter.

It will take 126,000 members this year for great news and programs to thrive. Help us get to 100% of the goal.