Looks like the Borgata is building a lavish, new, non-gaming hotel called The Water Club. According to the New York Post’s travel blog:
The completely self-contained property — sitting adjacent to the "old"
Borgata on its right when looking at the bay — will have 800 rooms and
suites (including three two-story urban lofts), a 36,000-sq.-ft. spa,
"Immersion", five pools, some in, some out, and six high-end shops.
The post also reports that the Chelsea Hotel is set to renovate some old properties on the boardwalk and start an Atlantic City branch itself.