Computershare Trust Company Seeks Foreclosure on Showboat Atlantic City After 17 Months of Missed Loan Payments
Computershare Trust Company filed for foreclosure on the Showboat Hotel after 17 months of missed payments on its $48.5 million loan. Bart Blatstein’s team claims strong performance with 1.2 million guests and 500 employees but proposes a rent receiver. The New Jersey court will rule October 9, 2026.
SCCG Take — The case illustrates cash-flow tensions for non-gaming Atlantic City assets where reported visitation has not translated into consistent debt coverage.
A New Jersey Superior Court will rule on a foreclosure request for the Showboat Hotel in Atlantic City after its owner allegedly missed 17 months of debt service on a $48.5 million loan.
Computershare Trust Company filed the civil complaint as trustee for the loan originated by Barclays Capital Real Estate on Oct. 31, 2022. No payments have been received since April 6, 2025, according to the filing, which asks the court to place the property into foreclosure without delay. Attorneys for owner Bart Blatstein did not dispute the missed payments but stated that business remains strong and obligations are being addressed. They asked the court to appoint a rent receiver to manage income and resume servicing instead.
Lender Disputes Claims of Strong Operations
Computershare responded that the defense attempts to have it both ways. The property cannot be described as a functioning, revenue-generating hotel and entertainment complex while the borrower fails to pay taxes, insurance, and basic debt service. The lender advanced $969,695 in insurance premiums after nonpayment and cited two missed deadlines for room renovations. Showboat filings state the property served 1.2 million guests and employs 500 staff over the past 12 months. The court is scheduled to decide the matter on Oct. 9, 2026.
Property Acquisition and Waterpark Timeline
Blatstein purchased the Showboat in January 2016 for $23 million after Caesars Entertainment closed the resort in August 2014. The site now operates without gaming and features the Lucky Snake arcade. The $100 million Island Waterpark opened on July 4, 2023. Reduced hours, scaled-back weekend operations, and an admission cut from $89 to $49 followed shortly thereafter. Contractor liens filed a year later were later paid in full.
Reporting: Casino.org News
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