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.