Blatstein buys Showboat casino

Showboat casino in Atlantic City has been sold to Philadelphia developer Bart Blatstein for $23m.

The new owner said he is considering reopening the venue as a casino, but added that the property would be useful for office space and entertainment uses.

Blatstein is known for several development projects in Philadelphia, as well as the reconstruction of Atlantic City’s Pier shops into The Playground complex.

Blatstein said: “It’s great to be part of the new Atlantic City.

“Right now I’m just thrilled to have a great, storied property."

The property was bought from Stockton University, who had obtained the casino from Caesars Entertainment for $18m in December 2014.

Caesar’s plan to turn the casino into a satellite campus for students was scuppered by legal restrictions regarding the use of the property.

Stockton president Harvey Kesselman said:”The University is fortunate to have worked with someone with a strong record of successful development and a commitment to Atlantic City, which is important to Stockton.

"It has been a pleasure to work with Bart Blatstein on this successful sale.

"Stockton will collaborate with Mr Blatstein in ways that will contribute to the renaissance of Atlantic City."