The Showboat Hotel in Atlantic City has not made payments to its primary lender for 17 months, as alleged in a civil complaint filed by Computershare Trust Company in New Jersey Superior Court against the Showboat.
Computershare Trust Company, a specialized financial administrator providing debt trustee services, alleges in the court filing that Bart Blatstein, the owner of the non-gaming Showboat, has been missing monthly debt payments since April 6, 2025.
Computershare is the trustee of a $48.5 million loan issued by Barclays Capital Real Estate to Blatstein on Oct. 31, 2022. Computershare is seeking foreclosure of the former casino property without delay.
Blatstein’s attorneys do not dispute the unpaid debt payments but claim that the business is doing well and addressing the debt obligations.
Showboat’s legal counsel has requested the court to reject foreclosure and instead appoint a rent receiver to manage the property and restart monthly debt servicing while the legal issues are resolved.
Foreclosure Requested
Computershare responded to Showboat’s motion, accusing the hotel of trying to maintain the property’s prosperity while failing to meet tax, insurance, and debt obligations.
Showboat maintains that business is thriving, citing a high number of guests and employees, despite Computershare’s allegations.
The Showboat Defendants cannot claim property success while failing to pay debts, taxes, insurance, and contractor obligations.
Computershare claims to have covered insurance premiums and alleges that Showboat missed renovation deadlines and failed to pay contractors.
A decision on the matter is expected on Oct. 9, 2026.
Water Park Troubles
Financial issues for Showboat surfaced after the opening of the $100 million Island Waterpark in July 2023.
Following a decline in water park attendance, Showboat reduced operating hours and admission fees to attract more guests.
Contractors filed liens against Blatstein for unpaid work on the water park, which were later settled.
In response to inquiries about financial problems, Blatstein denied any issues, stating that the hotel was having its best year.
Showboat History
Blatstein purchased the Showboat for $23 million in 2016, reviving the property from closure by Caesars Entertainment in 2014.
Showboat offers a family-friendly alternative to traditional casinos in Atlantic City, featuring the Lucky Snake arcade as a major attraction.