The Richard Stockton College of New Jersey, informally known as Stockton College, said Wednesday that it plans on buying the closed Showboat Casino in Atlantic City from Caesars Entertainment. Neither party has yet disclosed what the purchase price would be.
Stockton College plans to use the property has a satellite campus. Showboat closed in August.
“Our intent is to engage in a project that enhances Stockton’s educational growth, offerings and cost-containment while at the same time brings new educational opportunities to Atlantic City,” Stockton College President Herman Saatkamp said in a statement. “Because we are merely at the letter-of-intent stage and bound by a confidentiality agreement, it is premature for me to give out any additional information.”
Stockton College is a “public” university based in Galloway, New Jersey.
According to a report from NJ.com, Stockton College was ranked in the 20 worst public institutions in the nation in terms of average student loan debt in 2012. In the future, students at Stockton College won’t have to walk far to possibly snag some more debt.
Atlantic City has been in free fall this year, as a another casino will likely close next month. That would make five in 2014. State officials are trying a lot of things to keep it afloat.