On Thursday, July 24, NJ Senator Jim Whelan introduced a bill that would void 2 conflicting deed restrictions on the former Showboat Casino in Atlantic City. This legislation would allow the shuttered Boardwalk based casino to be more easily sold.
Stockton purchased Showboat for $18 million in DEC of 2014 and wanted to turn it into their Atlantic City ‘Island Campus’.
Talk about crazy: dualing deed restrictions prohibit it from being operated as a casino, and prohibit it from being operated a casino for 10 years. WTF?
Of course, the brain trust at Caesars Entertainment is against the bill, even if the passing of the bill could be a critical piece of Atlantic City’s economic revival.
Caesars put the second deed restriction on the site in 2014, before selling it to Stockton. The first restriction was placed in 1988 by Trump Taj Mahal requiring Showboat be operated as a casino hotel.
The bill now needs Senate approval.