VIDEO: Philly Developer Pays $1 Million to Delay Purchase of ShowboatPosted:
ATLANTIC CITY - Philly developer Bart Blatstein will pay $1,000,000 to Stockton University to put off his purchase of the former Showboat Casino until mid-January.
Blatstein, who redeveloped the former pier shops complex into what is now called the Playground, is buying the shuttered casino from Stockton University for $23 million.
Stockton said that the delay would give Blatstein tax advantages by pushing the closing into the new year. Stockton bought the former casino in 2014 hoping to use it as a satellite campus. But competing legal restrictions on how the property can be used scrapped that deal.
Blatstein said that he is considering re-opening the building as a casino. But he said there are many possible non-gambling uses including office space and entertainment that would work well and that he's in no rush to decide.
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