By David Madden

ATLANTIC CITY, N.J. (CBS) — The Richard Stockton College of New Jersey has completed its $18 million purchase of the former Showboat Casino Hotel in Atlantic City. The school has big plans for what it will call its “Island Campus.”

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The casino floor will be transformed into classroom space, offices and more. Student housing will be offered in two of the hotel towers, while the third will be operated as a hotel. The school will work with the state to create a campus around the building for local businesses to set up.

“Around a campus, many things are built. There are restaurants. There are other shops. They are things that work extremely well that cater to the students. But of course, you also have faculty and staff who move in,” said College President Herman Saatkamp.

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Full academic programs are expected to be offered there next fall. Stockton’s investment fund was tapped to make the purchase, so the transaction is debt-free and tuition is not expected to go up as a result of the acquisition.

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