ATLANTIC CITY, N.J. — Records show Stockton University has spent nearly $8 million on the now-closed Showboat Casino since the school purchased the Atlantic City property last December.
The Press of Atlantic City reports Stockton will be approximately $2 million short of its $26 million investment in the bankrupt casino if the agreement to sell the site for $22 million to Philadelphia developer Bart Blatstein goes through in November.
Interim President Harvey Kesselman says Stockton is looking for ways to recoup the rest of its investment, including a complaint filed against Caesars Entertainment Operating Co.
Kesselman estimates the school spends between $400,000 and $500,000 per month to operate the site.
Stockton's largest expense is $1.65 million allotted for the salary and benefits of about 40 maintenance and security workers kept on from Showboat.
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