Blatstein To Pay Extra $1M To Delay Showboat Closing

ATLANTIC CITY, N.J. (AP) — Philadelphia developer Bart Blatstein will pay an additional $1 million to Stockton University in return for delaying his purchase of Atlantic City's 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 the university for $23 million.

Stockton says the delay will give Blatstein tax advantages by pushing the closing into the new year.

It was supposed to close Monday.

Blatstein will pay carrying costs of $500,000 a month for the property between now and then.

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 scuttled that deal.

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