Posted on 12/14/2014 4:50:16 AM PST by Red in Blue PA
PHILADELPHIA (Reuters) - A New Jersey college said on Saturday it has completed its $18 million purchase of the shuttered Showboat Atlantic City casino resort from Caesars Entertainment Corp , a deal that would usher in a new dormitory and a branch campus.
Officials from Richard Stockton College in nearby Galloway Township, said in a statement they plan to convert some of the 1.4 million square foot building into dormitory space.
(Excerpt) Read more at finance.yahoo.com ...
Well I guess tuition is just like gambling, you pay and you lose! the house wins and so does the illegals
Is that in the best part of town? I thought that a couple of blocks away from the casinos the neighborhood disintegrated.
The one entices you to piss your money away on something useless and end up with nothing to show for it.
The other is a casino . . . .
Richard Stockton College is a state supported institution of higher learning. Apparently the taxpayers and governor support this kind of spending. I was apparently confused by the news reports the Governor had instituted strict fiscal controls and austerity spending with respect to education.
“Richard Stockton College is a state supported institution of higher learning. Apparently the taxpayers and governor support this kind of spending. I was apparently confused by the news reports the Governor had instituted strict fiscal controls and austerity spending with respect to education.”
U.S. News and World Report also named Stockton as among the “Best Colleges for Veterans” in its 2015 edition, ranking it as #15 out of 49 regional universities in the north.
Military Times, an organization comprising the Army Times, Navy Times, Air Force Times and Marine Corps Times, named Stockton in its “Best for Vets: Colleges 2015” listing, ranking it #22 on the list of four-year schools. [18]
Some people are never happy.
State supported doesn’t necessarily mean funded by the state. The State of NJ, like so many others, issues bonds under it’s name (commonly referred to as ‘Dormitory Bonds’) to help purchase property and build educational facilities when demand is there and to maintain normal physical maintenance.
Buying a pretty much turnkey building like this for only $14,000,000 out of bankruptcy to expand a college that is growing in stature and size and is part of the state university system seems like one of the few really smart things a state government can do.
And no lectures about why government is in this at all . . . after all, we are the side that talks about state’s rights. If NJ’s taxpayers want to go this route it’s their call. At least they got quite a deal.
Outside of the casino area, AC has "always" been disintegrated. The placement of a "luxury resort" and "ghetto" on the same island is very difficult to make work successfully. Approaching impossibility, considering NJ politics. (Call me a pessimist, but I think AC is finally and irreversibly doomed.)
Those neighborhoods disintegrated decades ago. War on Poverty, Urban renewal, etc. (i.e., rule by Democrats).
The education business must be prety lucrative.
I agree with you, but need to find out much it is going to cost to get it ready for students.
This could be a gift to the construction unions.
The fees universities get for housing will take care of the costs PDQ.
... nearby for students minoring in surfing?
WWND? (What would Nucky do?)
Its really distressing to hear of Atlantic City’s troubles. In that, legal gambling was supposed to turn that place around. It appears that legalizing gambling is not the panacea that boosters claim.
Can this be a warning to other places, that gambling is not the best type of economic development strategy?
Gambling has been legalized in many places in America in recent decades. Have any places reaped any of the promised benefits?
Casinos are everywhere. Can’t turn around a city or else Detroit would be paradise now.
http://www.ronjonsurfshop.com/location/detail.aspx?LocationId=16
The original on Long Beach Island. It’s a bit of a drive but if you set your classes up right you can do it.
All good,except one detail.
The school requires many services but will pay no real estate tax.
I know, the students spending in the local community will pay.
Ask the people of Evanston Il how it doesn’t quite work out.
(Or any other college town)
Have you seen the AC “community” just off the boardwalk? I’m guessing the “students” won’t be spending much in the area. If they go there they might get mugged, however. That will boost the crack economy.
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