That contradiction has thus far sunk two deals to sell the property: Stockton's original purchase, and its subsequent attempt to sell it to Revel owner Glenn Straub. 31, 2014, then sold it to Stockton University for $18 million in December 2014.īut the university's plans to convert it into a satellite campus were thwarted by conflicting deed restrictions: Caesars prohibits it from being used as a casino again, while a 1988 covenant among Trump Taj Mahal, Resorts and Showboat requires that it be used only as a casino.
Caesars Entertainment shut the Showboat on Aug. The bill is a response to the morass created by conflicting legal restrictions on how the Showboat can be used by future owners. It would prohibit deed restrictions on any publicly owned building located within the city's Tourism District, including the casinos and beachfront. The state Senate passed the bill by a 32-3 vote on Monday. Restrictions on how Atlantic City's former Showboat casino can be used would be eliminated under a bill moving through the New Jersey Legislature.īut its former owner calls the measure unconstitutional and warns 'it will create a multitude of problems and lawsuits.'
