New Jersey college buys casino property

How about going to college in a casino?

The Richard Stockton College of New Jersey bought the former Showboat Atlantic Casino for $18 million, according to NorthJersey.com.

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The Trump Taj Mahal, left, the Showboat Atlantic City Hotel and Casino, center, and Revel Atlantic City stand in Atlantic City, New Jersey.
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Richard Stockton's Atlantic City campus, currently housed in the Carnegie Center, offers both undergraduate and graduate degrees, according to NorthJersey.com. It will also house 852 dorm rooms. The school said it bought the property with its Investment Fund and no state money was used.

Tuition is not expected to rise with the purchase, according to the publication.

The Showboat casino sits on a property operated by Caesars Entertainment on the boardwalk. The school purchased two of the three hotel towers with the third tower likely remaining as a hotel.

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College President Herman Saatkamp told NorthJersey.com the move is part of Richard Stockton's commitment to spur economic and social development in southern New Jersey.

"Our roots officially began at the former Mayflower Hotel in Atlantic City, and as our campus has expanded, so has our mission to provide higher education, research and community partnerships that enhance the region and state," Saatkamp said in a statement to NorthJersey.com.

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