I got an email from a friend of the blog with a link to the Aces Train. Apparently it is a public private partnership run through the Casinos in Atlantic City and New Jersey Transit in which there is direct service between New York and Atlantic City with a stop in Newark. Shuttle service would be provided between the casinos and the station and ticketing would be done through Amtrak. It does come with a steep price tag however. $100 round trip and $150 if you want to go first class.
What is most interesting is that this is a public private partnership (PPP) in which New Jersey provides the tracks and the casinos provided the railcars and operating costs. I wonder if they will get commuters as well? Though $50 might be a bit steep, the seats look comfortable. However it has been a long time coming. It has been in the works for a while and still hasn't started though this time its slated for Feb 6th.