Thankfully, Stockton University will NOT move forward with purchasing the shuttered Atlantic Club Casino Hotel on the Atlantic City Boardwalk.
Hopefully, an independent developer will emerge to build something on that prime piece of beachfront property. A developer that will build something that actual pays taxes, directly to the City of Atlantic City.
Stockton President Kesselman: Rest assured we remain committed to Atlantic City and will continue to try to make the best investments we can there.
Indeed, Stockton University is committed to Atlantic City. Hey, why not? They get awesome tax breaks.
Stockton pays very little in actual Atlantic City property taxes.
Stockton University also gets large parcels of Atlantic City land to control and develop. Stockton is even getting parts of Bader Field.
Thanks to the City Council of Atlantic City, Stockton now has it’s own ‘zoning district’ too. They get to call all the shots in this so-called, ‘Stockton Overlay Zone’. Pretty sweet, huh?
You can thank the knuckleheads of Atlantic City Council for giving away those municipal assets.
Did you know? Every Atlantic County taxpayer chipped-in on the Stockton Gateway project.
NOTE: Not only did Stockton want the former Atlantic Club Casino, and the 9-story parking garage and adjacent land, but Stockton also wanted the casino / hotel to be demolished as a condition of sale. ‘No dice’ said owner TJM Properties.
The former Atlantic Club property remains for sale. Caesars Entertainment would like to buy it….but this prime, Boardwalk & beachfront property is saddled with one of those stupid, economy-killing, no gambling restrictions.