{"id":15002,"date":"2014-11-12T15:28:22","date_gmt":"2014-11-12T23:28:22","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=15002"},"modified":"2014-11-13T10:57:17","modified_gmt":"2014-11-13T18:57:17","slug":"showboat-sold","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/showboat-sold\/","title":{"rendered":"Showboat sold"},"content":{"rendered":"<p><script src=\"https:\/\/www.nbcbayarea.com\/portableplayer\/?cmsID=282495911&amp;videoID=KtnOmQum_Sz3&amp;origin=nbcbayarea.com&amp;sec=news&amp;subsec=national-international&amp;width=450&amp;height=253\" type=\"text\/javascript\" charset=\"UTF-8\"><\/script><\/p>\n<p>For a long time, there&#8217;s been talk of <strong>Stockton College<\/strong> opening a satellite campus in <strong>Atlantic City<\/strong>. Many thought it would land at the <strong>Atlantic Club Hotel<\/strong> but, disposing of a non-core asset in a non-gaming transaction, <strong>Caesars Entertainment<\/strong> has sold the <strong>Showboat<\/strong> <a href=\"http:\/\/www.philly.com\/philly\/business\/20141113_Stockton_College_agrees_to_buy_shuttered_Showboat_in_A_C_.html\" target=\"_blank\">to Stockton College<\/a>. The latter gains 28 acres and\u00a01,425,000 square feet. But there&#8217;s still a lot of due diligence to be done and the sale price <a href=\"http:\/\/www.nbc40.net\/story\/27366615\/stockton-college-to-acquire-showboat-atlantic-city\" target=\"_blank\" class=\"broken_link\">remains a mystery<\/a>.<\/p>\n<p>College President <strong>Herman Saatkamp<\/strong> could only say,\u00a0&#8220;Our intent is <!--more-->to engage in a project that enhances Stockton&#8217;s educational growth, offerings and cost-containment while at the same time brings new educational opportunities to Atlantic City.&#8221; Caesars CEO <strong>Gary Loveman<\/strong> a<a href=\"http:\/\/www.nj.com\/south\/index.ssf\/2014\/11\/stockton_college_to_buy_showboat_casino_in_atlantic_city.html\" target=\"_blank\" class=\"broken_link\">ccentuated the potential economic-diversification angle<\/a>: &#8220;I believe the construction of a Stockton campus there will [be]\u00a0critical to its future well-being.&#8221; And, of course, competitors won&#8217;t be gambling there.<\/p>\n<p>The divestiture of the Showboat could presage other asset sales and massive layoffs, to enable the cash-strapped company <a href=\"http:\/\/www.reviewjournal.com\/business\/casinos-gaming\/caesars-weighs-layoffs-strip-might-be-spared\" target=\"_blank\">to gin up an additional $250 million to $300 million<\/a> in cash flow. It&#8217;s going to be a grim holiday season at the company in a toga.<\/p>\n<p>* Meanwhile, in an apparent rebuke to Mayor <strong>Don Guardian<\/strong> (R), Gov. <strong>Chris Christie<\/strong> made noises about Atlantic City <a href=\"&quot;The%20current model is completely and utterly, remarkably unsustainable,&quot; Read more at http:\/\/www.philly.com\/philly\/news\/new_jersey\/20141113__Emergency_manager__recommended_for_Atlantic_City.html#A6UGHBV8RImtcc8Y.99\" target=\"_blank\" class=\"broken_link\">needing an emergency manager<\/a>. Other fixes he put on the table for the city&#8217;s ongoing fiscal crisis were somewhat nebulous at this point: &#8220;a public-private partnership; tax, school, and pension reform; and a shared services agreement.&#8221; On one point Christie was clear: &#8220;The current [economic] model is completely and utterly, remarkably unsustainable.&#8221; I&#8217;d say he didn&#8217;t leave any ambiguity there.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For a long time, there&#8217;s been talk of Stockton College opening a satellite campus in Atlantic City. Many thought it would land at the Atlantic Club Hotel but, disposing of a non-core asset in a non-gaming transaction, Caesars Entertainment has &hellip; <a href=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/showboat-sold\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,14,7],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15002"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=15002"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15002\/revisions"}],"predecessor-version":[{"id":15007,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/15002\/revisions\/15007"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=15002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=15002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=15002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}