Showboat Atlantic City to Reopen Casino in 2018?

Atlantic City’s Showboat closed their casino and hotel in 2014. Businessman Bart Blatstein reopened the property as a hotel in July 2016. But he chose not to apply for a gambling license. Blatstein is interested in a casino now, though, because he’s taken the first steps towards applying for a gambling license. According to the […]

Atlantic City’s Showboat closed their casino and hotel in 2014. Businessman Bart Blatstein reopened the property as a hotel in July 2016. But he chose not to apply for a gambling license.

Blatstein is interested in a casino now, though, because he’s taken the first steps towards applying for a gambling license.

According to the Press of Atlantic City, Blatstein applied for a casino license with the New Jersey Division of Gaming Enforcement (DGE). The DGE will now review Blatstein’s application to see if the Showboat meets standards set forth by the Casino Control Act.

No Guarantees on Showboat Gambling Just Yet

Anybody who enjoyed gambling at the Showboat in the past may be excited about what Blatstein is doing. But there aren’t any guarantees, and he’s merely keeping his options open right now.

“I’m just starting the process,” said Blatstein.

Once the DGE completes their investigation, they’ll likely given a recommendation for Blatstein to receive a casino operator’s license. He’ll then have to file for licensing in separate paperwork.

Blatstein Has a History of Turning Around Struggling Properties

Blatstein’s Tower Investments bought the 1.4-million-square-foot property for $23 million in January 2016.

This certainly isn’t his first venture into turning around struggling properties. One example includes when Blatstein transformed Philadelphia’s Northern Liberties section with properties that offer live entertainment and retail within the same complex.

And he sees plenty of potential in the Atlantic City section where the Showboat sits. This is especially the case when considering that the Ocean Resort Casino, and Hard Rock Hotel & Casino Atlantic City are opening next summer.

“There is over a billion dollars worth of investment in that part of the town. That should not be ignored,” Blatstein said.

The Showboat casino originally closed down in January 2014, due to the struggling Atlantic City gambling market. The owners were unable to find a buyer, and the casino officially closed for good in August 2014.

Richard Stockton College purchased the property in December 2014 for $18 million. Their goal was to develop a residential campus for undergraduate and graduate degrees. But after struggling with a number of legal issues, they sold the property to Philadelphia’s Bart Blatstein for $23 million.

 

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