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New Buyer For Showboat Casino?

New Buyer For Showboat Casino?

The foreclosed Showboat Casino in Atlantic City seemed to be headed for demolition, but a possible buyer could put a stop to that. Latitude 360, a company from Jacksonville, said on Friday that they are considering investing $20 million in an Atlantic City project.

The new project by Latitude 360, which operates restaurants and entertainment businesses, would not include gambling.

The CEO of Latitude, Brent Brown, has been touring the property after it closed down on Sunday. Currently The Showboat is still owned by Caesars Entertainment. Other Latitude 360 properties are located in Jacksonville, Indianapolis, Pittsburgh and Albany and there are plans for another location in Minneapolis.

The Latitude 360 sites consist of a restaurant, sports bar, movie theater, bowling alley and performance stage.

The market in Atlantic City has long been saturated, and business all along the boardwalk have been hurting after surrounding states changed their stance on gambling. As Latitude 360 does not offer gambling it does not have to take big financial risks from that perspective, while still being to able tough competition for the casinos in their aforementioned segments.