Atlantic City has been struggling to reinvent itself. The casino business has been in decline from all the competition in the surrounding states. It was announced recently that the Atlantic Club has been sold for $24 million to two other casino related companies. One has purchased all the gaming equipment and the other the hotel. The Atlantic Club was formerly the Hilton. It opened in 1980 as the Golden Nugget, owned by Steve Wynn. In 2005 it was valued at $513 million! 1,600 employees will be laid off. Atlantic City has an unemployment rate of 15% and Atlantic County has a rate of 11%, the highest in NJ. Sad times.