According to reporting from NJ.com, Philadelphia developer Bart Blatstein announced his plans to bring casino gambling back to the Showboat Hotel. The hotel previously had a casino, but it has been shuttered since 2014.
It would be the tenth casino in Atlantic City. It is among four casinos to have closed in 2014, two have since reopened under new names.
Blatstein’s move is part of a growing resurgence of gambling in Atlantic City to pre-2014 levels when the city had 12 casinos.
While the market is becoming more competitive, the total gambling revenue in the city continues to grow. Some analysts have argued the Atlantic City market is oversaturated, but Blatstein remains upbeat.
“There are 104 casinos in Las Vegas in the middle of nowhere. We have nine casinos well within a short trip from one-third of the nation’s population. The market is looking for something different.”
The Showboat Casino was previously owned by Caesars Entertainment, but they decided to close the venture in 2014 due to lack of profitability.
There is a restriction on building another casino on the same grounds for five years, but Blatstein said he has found a workaround that will allow him to build a casino.