On Monday, August 10, a judge ruled that Stockton is now free to seek a new buyer for the former Showboat Casino property on the Atlantic City Boardwalk. Developer Glenn Straub no longer has control of that situation. ‘The contract between Stockton University and Straub’s KK Ventures was properly terminated’ said the judge.
Stockton says other parties have interest in the Showboat site.
Straub’s KK Ventures will get back the $26 million he paid in April, plus interest. Straub says college made little effort to resolve the conflicting deed restrictions on the Boardwalk property.
Stockton said Straub bought the site “as is”, and he was well aware of the dualing, restrictive covenants. ( one from Trump, one from Caesars )
Stockton purchased Showboat for $18 million with hopes of turning it into a satellite campus and helping AC diversify it’s economy.
Those promising plans were ditched with an epic WTF moment. Dual restrictions on the former casino property were uncovered. One PREVENTS Showboat from being reopened as a casino, and one FORCES the former Showboat to reopen as a casino.
You can’t make this stuff up.