ATLANTIC CITY, NJ—Officials with Richard Stockton College and Caesars Entertainment Corp. announced on Wednesday that the college intends to acquire the shuttered Showboat Atlantic City casino and repurpose the property as a branch campus.

Caesars and Richard Stocktown College reportedly signed a letter of intent for the purchase of the 28-acre property that includes a more than 1.4-million square-foot building, according to the Press of Atlantic City.

State Assemblyman Chris Brown told the newspaper that the college also intends to use the shuttered casino as a hotel. No purchase price for the Showboat was disclosed. The two parties stated that the transaction “is subject to completion of due diligence by the college and the negotiation and execution of a definitive agreement."

Stockton College President Herman Saatkamp hopes the branch campus at the Showboat property "enhances Stockton's educational growth, offerings and cost-containment while at the same time brings new educational opportunities to Atlantic City."

Gary Loveman, CEO of Caesars Entertainment, says, “The transformation and revitalization of Atlantic City requires the addition of a diverse set of reasons for people to come visit. 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 Showboat Atlantic City closed Aug. 31 putting 2,100 employees out of work. See story in the Press of Atlantic City.