Bart Blatstein is considering multiple uses for the
former Showboat Casino, both for non-gaming and gaming purposes.
The Philadelphia developer's Tower Investments and Stockton
University on Monday reached a new settlement agreement for the former casino
after purchasing the property for $18 million from the university last year.
Under the new agreement announced by the school's board
of trustees, Blatstein's Tower Investments will now acquire the Atlantic City
property for $1 million more, or $23 million.
In the meantime and as the new settlement date nears — it
was delayed until January— Blatstein is weighing out his options for the former
casino property, including reopening it as a casino, according to the
Associated Press.
"I didn't realize all the options that were out
there," Blatstein told the AP Tuesday. "There's a number of really
great possibilities, and I'm weighing them all. Aside from the obvious, which
is reopening it as a casino, there's time shares, office, and entertainment.
I'm getting companies wanting to locate office space there."
Yet some legal restrictions still need to be resolved
before Blatstein moves forward with any plans for the boardwalk property. A
land use covenant prevented Stockton from redeveloping Showboat into a
satellite residential campus, however Blastein told the AP he is confident he
can overcome the legal challenges.
Source: Philadelphia
Business Journal
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