It came as good news to the media when the Philadelphia developer Bart Blatstein declared that the things have been resolved between him and billionaire investor Carl Icahn. The relations between the two started hazing when the former Showboat Casino was restricted to operate as a non-casino hotel.
About Showboat Casino
According to the media reports, Bart Blatstein made a purchase of former Atlantic City casino. He did this with an intention of reopening it as a non-gambling hotel. He added by mentioning it to the Associated Press that the owner of the Trump Taj Mahal casino, did agree but only a small consideration. This consideration does not involve any payment in return of resolving the claim that it made.
In accordance to the 1988 legal covenant, it was declared that the Showboat casino is not to be used for anything else, even for a hotel except a casino. After this document, the intention of Stockton University to use the casino as a satellite campus was destroyed. The University bought the casino without actually lifting the restriction for $18 million from Caesars Entertainment in the year 2014.
The Trump Entertainment stated that it actually feared that the underage college students would try to show interest in the casino resulting into their loss of studies and costly fines. After buying, The University tried selling it to Glenn Straub, Florida developer and the owner of the former Revel casino. However, the deal cancelled and it finally sold the property to Blatstein, who now wishes to go ahead with his plans to include casino gambling and different games like Zuma slot.
In the Words of Blatstein
Blatstein has clearly said in an interview that he has always had a great business ties with Carl. He made his intention of doing only the right thing for Atlantic City clear and said that the money has not actually altered this working relationship. It has always been a great pleasure dealing with Carl, Blatstein added.
The agreement among the three i.e. Showboat casino, Trump Taj Mahal casino and Resorts states that Showboat should not only operate as a first class casino-hotel and nothing else other than that. Blatstein further mentioned in a comment that he does not require any additional permit from Resorts casino to drop the agreement. It is simply because the Trump Taj Mahal casino actually exercised the authority on behalf of the Resorts casino. Moreover, Resorts casino did not show any immediate interest to the request for commenting.
Restriction on Showboat Casino
The restriction on Showboat casino was placed by its former owner, Caesars Entertainment. At the time when the casino was shut down by this owner, the restriction on it was imposed there and then. However, Blatstein seems to be quite confident that the restriction is not going to be a problem until a casino is reopened there. He said that the restriction of reopening a casino there is only for ten years and then he would be free to operate it according to his will.
Not only Showboat but other three other casinos were shut down in the year 2014 due to the cutthroat competition among the casinos all over. Next in the row is Trump Taj Mahal casino, which is expected to be closed in the coming days.
The Bottom Line
It can be concluded by saying that Blatstein is very happy with the property and has no regrets over it even regarding the restriction. He has even said that the respective deal with Icahn has actually unlocked the real value now. He further considers it to be the most wonderful property in the entire town!