As late as the 1980s, AC was giving Vegas a run for its money. Those betting on a permanent decline ignore cycles. Recoveries are possible with the right people. Steve Wynn is the man for the job of reviving Atlantic City.
There's no cycle to AC. It got gambling in the late 70s, peaked shortly thereafter, then was beaten down when its own precedent convinced other jurisdictions to vote to allow gambling. It's been declining ever since.
Even if Wynn did go in, the overall value of the town wouldn't go up. Wynn would take everything from everyone else, who would slide into oblivion one at a time. The only play in AC is a mopping-up operation.
Perhaps in partnership with Trump. I saw the two sitting together at Trump's Miss Universe contest last year on TV, and a light bulb went off in my head. Trump-Wynn. The best casino hotel in the world.