ATLANTIC CITY, N.J. (CBSNewYork/AP) — The old Showboat casino on the Atlantic City boardwalk will be repurposed as a satellite campus for a southern New Jersey college.

The Richard Stockton College of New Jersey said Wednesday it is buying the former Showboat casino and plans to use it as a satellite campus. The sale price was not announced, nor was a target closing date released.

Stockton President Herman Saatkamp said he cannot reveal details of the purchase until it is finalized.

“Our intent is to engage in a project that enhances Stockton’s educational growth, offerings and cost-containment while at the same time brings new educational opportunities to Atlantic City,” he said. “Because we are merely at the letter-of-intent stage and bound by a confidentiality agreement, it is premature for me to give out any additional information.”

Caesars Entertainment closed the Showboat on Aug. 31, one of four Atlantic City casinos to shut down so far this year. Nearly 8,000 casino workers in Atlantic City have lost their jobs.

Caesars shuttered the still-profitable Showboat to reduce the number of casinos in Atlantic City, which has been struggling with plunging revenue and increased competition.

It will be the second former casino to be repurposed this year. The former Claridge casino, which was also owned by Caesars Entertainment as part of its Bally’s Atlantic City facility, was sold to a Florida company, TJM Properties, which reopened it as a non-gambling hotel.

Caesars has also sold the former Atlantic Club to TJM, which has yet to announce plans for it but says it may consider reselling it.

Caesars has generally insisted on deed restrictions as part of the sale of its former casinos preventing the new purchasers from operating the facilities as casinos.

“The transformation and revitalization of Atlantic City requires the addition of a diverse set of reasons for people to come visit,” said Gary Loveman, chairman and CEO of Caesars Entertainment. “I believe the construction of a Stockton campus there will help to diversify the economy of the city, which is critical to its future well-being.”

The sale would include 28 acres and a 1,425,000 square-foot building.

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