Stockton University OKs Sale Of Showboat But Mum On Buyer
GALLOWAY, N.J. (AP) — Stockton University has approved the sale of a former Atlantic City casino that has brought it nothing but trouble.
But the university may not reveal who the buyer is until Friday morning.
A "due diligence" period for the new buyer expires Thursday evening.
Stockton bought the shuttered casino last December in the hopes of converting it into a satellite campus. But competing legal restrictions on how the property can be used scuttled the plan, as well as an effort by Stockton to then sell it to new Revel owner Glenn Straub.
Stockton President Harvey Kesselman cautions the deal is not done yet. A closing is expected in November.
But he says that as of Friday morning, "the bleeding will have stopped."
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