VIDEO: The Saga of The Showboat ContinuesPosted:
HAMMONTON - Stockton University has spent nearly $8 million on the empty Showboat Casino since the school purchased the Atlantic City property last December.
The Press of Atlantic City reports Stockton will be approximately 2 million dollars short of its 26 million dollar investment in the bankrupt casino, if the agreement to sell the site for 22 million dollars to Philadelphia developer Bart Blatstein goes through next month.
Interim President Harvey Kesselman said that Stockton is looking for ways to recoup the rest of its investment, including a complaint filed against caesars entertainment operating company.
Kesselman estimates that the school spends between $400,000 to $500,000 per month to operate the site.
Stockton's largest expense is the salary and benefits of about 40 maintenance and security workers kept on from Showboat.
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