Officers responded to reports of a shooting around 9 p.m. Saturday at the Ocean Casino parking garage.
Upon arrival, they located 41-year-old Robert Phillips of Atlantic City, who had sustained multiple gunshot wounds to his lower body.
Phillips was transported to AtlantiCare Regional Medical Center, where he remains in critical condition.
A short time later, police located the suspect, identified as 55-year-old Ronald Rivers of Atlantic City, attempting to flee the area.
He was taken into custody in the 100 block of New Hampshire Avenue.
Officers also recovered a handgun that had been reported stolen from South Carolina.
Police say this appears to have been an isolated incident with no immediate threat to the public.
Rivers faces a number of charges, including Attempted Murder, Aggravated Assault, Unlawful Possession of a Weapon, Possession of a Weapon for Unlawful Purposes, Certain Person Not to Possess a Weapon, Possession of a Stolen Handgun.
He has been remanded to the Atlantic County Justice Facility.