WOODLAND PARK, N.J. — Casinos are turning profits. Plans were announced recently for a $375 million renovation and reopening of Trump Taj Mahal by Hard Rock casino, and Stockton University just broke ground on a satellite campus. A luxury apartment complex, the first to be built in Atlantic City in decades, is under construction. The city's credit rating has improved.
"I always say Atlantic City is like Dracula — you can't kill it, no matter how hard we try," quipped state Sen. Jim Whelan, who was mayor of Atlantic City from 1990-2001.
It's all coming after a decade that featured a 50% drop in the city's casino revenues. Nearly half of the city's casinos closed and 10,000 people lost their jobs, leading to a massive spike in home foreclosures. The city's finances were so grim, the state took over control in November.