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Sunken Showboat casino may float with new buyer

Showboat Atlantic City hotel in Atlantic City, N.J.
Source: Hypnotical Studios Infinite | Flickr
Showboat Atlantic City hotel in Atlantic City, N.J.

The former Showboat casino in Atlantic City may have just found a new buyer.

Latitude 360, a Jacksonville company that develops restaurants and entertainment complexes, says the closed casino is one of three locations it is considering for a $20 million project, according to an NBC affiliate in Philadelphia.

Read MoreLong odds for Atlantic City's next chapter

The current owner, Caesars Entertainment, is in talks with CEO of Latitude 360, Brent Brown. This developer is the second firm to publicly express interest in purchasing the Showboat.

Atlantic Properties of Vineland had considered using the property as a small casino; Latitude 360's construction will not involve gambling.

—By CNBC Staff