ATLANTIC CITY — Showboat owner Bart Blatstein says a foreclosure lawsuit seeking a sheriff’s sale of part of the Boardwalk resort is being resolved and will not derail his plans to continue investing in Atlantic City.
Speaking Thursday on Off The Press with Scott Cronick on WOND, Blatstein addressed the lawsuit publicly after Cronick asked him about recent headlines involving the Showboat’s finances.
“This is just due with a lender, and it’s being resolved as we speak,” Blatstein said. “And it will be resolved, and it’s a moot point.”
The dispute is considerably larger than a routine bill.
Computershare Trust Co., acting as trustee for holders of commercial mortgage-backed securities, filed a foreclosure complaint June 30 in Atlantic County Superior Court alleging Showboat Properties defaulted on a $48.4 million loan, according to reporting first published by the Philadelphia Business Journal and subsequently reported by other news organizations.
The lender alleges Showboat had gone more than a year without making payments on the debt and is seeking foreclosure on part of the resort property, potentially followed by a sheriff’s sale if the lender ultimately prevails. The portion covered by the mortgage reportedly includes at least 475 hotel rooms, the Lucky Snake arcade and the parking garage.
Blatstein previously told the Business Journal that he was negotiating a restructuring of the debt and that Showboat would remain open while the dispute proceeded.
His comments Thursday went further, portraying the situation as temporary and emphasizing that he has no intention of backing away from Atlantic City.
“I’m not going anywhere,” Blatstein said. “Atlantic City is where I’m staying and I’m going to keep on investing.”
“Sometimes in business, things go south temporarily,” he added. “That’s what that’s about.”
Showboat remains open
The lawsuit is a foreclosure action involving portions of the Showboat property, not an announcement that the hotel is closing.
The noncasino resort continues operating its hotel, Island Waterpark, Lucky Snake arcade and other attractions. Blatstein told Cronick business has been strong this summer.
“We’re up. There’s no question about it,” he said. “Our numbers are up.”
Blatstein said he had reviewed the resort’s numbers earlier that day and credited increased marketing and the water park’s ability to attract guests from a wider geographic area.
“Water parks pull from three hours away,” he said, noting that Showboat operates differently from Atlantic City’s casino hotels.
No independently audited figures were provided during the interview to substantiate Blatstein’s characterization of Showboat’s performance.
Other payment disputes have surfaced
The foreclosure complaint comes after other disputes involving contractors that performed work at Showboat and the Island Waterpark.
In 2025, Buena-based Lee-Way Electrical sought to collect more than $532,000 owed for work at Showboat and the 801 Boardwalk property that includes the water park.
A judge had ordered Blatstein and affiliated companies to pay the contractor, and after payments fell behind, Lee-Way obtained a warrant designed to compel Blatstein to appear before a judge. The debt was subsequently paid, according to reporting by The Press of Atlantic City.
Other contractors have also filed claims over work performed at the property. The foreclosure complaint cited contractor liens among the issues affecting the property, according to published accounts of the filing.
The existence of those disputes does not by itself determine the outcome of the lender’s foreclosure case.
Blatstein pushes back at criticism
Blatstein was also asked about criticism from former Atlantic County Democratic Chairman Michael Suleiman, who recently questioned whether developers facing financial disputes should receive public tax incentives.
Blatstein said he did not know Suleiman and rejected the criticism.
“I believe in Atlantic City, as anybody will tell you, and I do put my money where my mouth is,” Blatstein said.
He said he was disappointed by what he viewed as an attempt to gain publicity by attacking a developer actively investing in the city.
“I’m disappointed that somebody would try to get some kind of traction press-wise by trashing somebody that’s actually doing something,” Blatstein said.
When Cronick asked whether Showboat was currently seeking tax credits for another project, however, Blatstein said he did not know what Suleiman was referring to.
“I honestly do not know what he’s talking about,” Blatstein said.
More development planned
Whatever happens with the lender dispute, Blatstein said development at the Showboat property is continuing.
He pointed to the recently expanded Boardwalk area outside the resort and said that work was privately financed.
“We did a lot of work this year,” Blatstein said. “If you’ve been by, we expanded the Boardwalk.”
“It happened later than I hoped, but it was all done privately,” he said. “There were no tax credit money for it.”
Blatstein also said one of the buildings at nearby Garden Pier was taken down to improve visibility and allow more natural light into the area.
Asked what ultimately will be developed along Showboat’s Boardwalk frontage, he declined to reveal the plan.
“I have not announced it,” Blatstein said. “I’m not ready to announce it yet.”
But he made clear he intends to keep building.
“We’re going to keep on developing,” Blatstein said. “We’re going to keep on trying to make a difference and to help Atlantic City out.”
For now, the foreclosure complaint remains an important legal and financial issue surrounding one of Atlantic City’s largest nongaming resorts. Blatstein’s position is that negotiations with the lender will resolve it before it threatens his larger plans.
His most emphatic message Thursday was simple:
“I’m not going anywhere.”
Editor’s note: A foreclosure complaint contains allegations by the lender. Filing a foreclosure action does not mean the lender has already obtained ownership of the property or that a sheriff’s sale has been ordered. South Jersey NewsBeat has not found a publicly reported court ruling resolving the June 30 foreclosure complaint as of Friday.
About the Author
Peter Killeen
A 25-year radio news veteran, Peter covers South Jersey for NewsTalk 1400 & 92.3 WOND radio. Known for his concise and impactful delivery, he ensures listeners and readers stay informed without unnecessary filler.
