College Empire: Atlantic City Hotel to House Students | National Apartment Association

College Empire: Atlantic City Hotel to House Students

Caesars Entertainment enters into letter of intent with Richard Stockton College of New Jersey for the now-closed Showboat Casino Hotel.

Hotel Dorm ConversionIt may sound like a premise straight out of a 1980s teen comedy, but the reality is that the former Showboat Casino Hotel is likely to become some combination of hotel, classrooms and housing for students attending Richard Stockton College of New Jersey. 

The boardwalk-based property — the poorest performing of Caesars’ four Atlantic City-based casinos — shut its doors Aug. 31, 2014, with mixed reactions from employees and industry insiders. But this new opportunity to create a branch location for the Galloway Township-based college could be just the revitalization the city needs to diversify its casino-driven economy. The city is eager to bring in businesses that cater to the college lifestyle, and the seaside location could be a strong draw for potential students.

Stockton completed a similar purchase in 2010, when it converted the Seaview Hotel & Golf Club into housing units for 220 students during the regular school year as a cheaper alternative to building a new housing structure. The community converts back to a hotel for the summer — an approach that could work for the Showboat property as well.  

The college plans to use part of its $100 million investment fund, as well as potential partnerships, to complete to purchase, so it shouldn’t affect tuition rates.   

 

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