Former Atlantic City Boardwalk Casino Approved For Rental ApartmentsShowboat Casino Hotel To Be Partially Converted Into Housing |
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Have you ever wanted your own place on the Atlantic City Boardwalk?
The former Showboat Casino Hotel hosted gamblers from its opening in March of 1987 until it closed its doors in August of 2014.
After a brief stint as a potential site for a university, the property was re-opened in the summer of 2016 as a standalone hotel by Philadelphia-based developer Bart Blatstein.
Although Blatstein considered applying for a gaming license to resurrect the casino earlier this year, most recently, his company announced plans to turn a portion of the hotel into residential apartments.
The Showboat will keep 785 hotel rooms, while converting the other 400 rooms into 264 rental units. With an additional apartment complex going in across the street, developers are hoping the move will revitalize the north end of the Boardwalk.
The Showboat was one of five Atlantic City casinos to close since 2014. The Atlantic Club, Revel, Trump Plaza, and Trump Taj Mahal also shuttered their doors, although a few months ago, Revel re-opened as Ocean Resort Casino, and the Taj Mahal re-opened as the Hard Rock Hotel and Casino.
There are currently nine brick-and-mortar casinos in Atlantic City from a high of 12, and total gaming revenue is actually up a little more than 5 percent for the year, however, much of that growth is due to online gambling.
Atlantic City casinos brought in $2.66 billion last year, a far cry from a peak of $5.2 billion in 2006. The gambling hub has been steadily losing business to neighboring states over the last decade, especially Pennsylvania, which is now the second-largest gambling market in the United States.
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