Showboat Closing

In this Wednesday, July 23, 2014 file photo, the Showboat Casino Hotel is seen along the Boardwalk in Atlantic City, N.J. The casino closed in August and now Stockton College has signed a letter of intent to buy it. (AP Photo/Mel Evans, file)

(Mel Evans)

One of Atlantic City's former casinos could soon have a new purpose.

Richard Stockton College announced Wednesday that it signed a letter of intent to buy the shuttered Showboat Casino in Atlantic City, right on the boardwalk.

Details of the plan haven't been revealed since the college is "merely at the letter-of-intent stage and bound by a confidentiality agreement," President Herman Saatkamp said in a statement released by the college.

However, the president did indicate that the college wants to repurpose the former casino as a branch site for Stockton.

"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.

"The transformation and revitalization of Atlantic City requires the addition of a diverse set of reasons for people to come visit," chairman and CEO of Caesars Entertainment Gary Loveman said in a statement. "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 college's current campus is located in Galloway Township, a short drive from Atlantic City.

The casino building is 1,425,000 square feet and sits on 28 acres, the college said.

In 2010, Stockton bought the historic Seaview Resort in Galloway for $20 million, keeping part of the hotel open to the public but also using it to house students. The intent, college officials said at the time, was to use the hotel as a training site for hospitality students, and also generate revenue through operation of the resort.

Jessica Beym may be reached at jbeym@southjerseymedia.com. Follow her on Twitter @jessbeym. Find the South Jersey Times on Facebook.