Cannabis events could save Atlantic City

Atlantic City, New Jersey could return to its former glory as a tourist destination with the boom of the Green Rush and the cannabis business events that followed. A city once dominated by the gambling industry now faces its unknown future, and local experts believe cannabis business-to-business events could solve this problem.

The familiar “glitter and dirt” of Atlantic City’s boardwalk is familiar to locals, but the city has been in decline for decades. Donald Trump’s Taj Mahal casino and hotel closed for good on October 10, 2016, and things haven’t gotten any easier for the gaming industry since then. The Revel Casino Hotel followed, closing doors and also being sold.

Things appeared to be taking a turn for the worse in 2019, and despite a surge in casino industry revenue in 2021, largely due to a tax break, the city is still miles from where it used to be. In addition, Atlantic City Tropicana workers are demonstrating for better wages and unionization as the casino’s future remains uncertain.

However, the economic impact of the introduction of the cannabis market could be the answer to the city’s long-term financial woes. In the first month of adult cannabis sales in New Jersey, the state brought in $24 million in tax revenue.

Skift Meetings, which focuses on events professionals, recently released a report on Atlantic City’s true potential offerings for the Green Rush – and more than put a band-aid on the city’s economic fallout.

The most obvious comparison is the boom in business events in Las Vegas, like MJBizCon or CHAMPS Trade Show, which attract tens of thousands of tourists looking for networking opportunities and more. Atlantic City is home to 17,029 hotel rooms — a high room ratio compared to other cities of this size given its tourism focus. Atlantic City could host major events of the same nature.

Stu Zakim, President of Bridge Strategic Communications and a member of the Marijuana Business Association, said: “[Atlantic City] can be a hugely successful destination for hosting cannabis conventions,” Zakim told Skift Meetings.

Several others agreed that the emerging New Jersey cannabis market is particularly ideal for a city like Atlantic City. This is especially true for cannabis conventions that require large facilities.

“The legalization of cannabis in the state of New Jersey has opened up a new vertical market for meetings and conventions in Atlantic City. We see cannabis as a growing industry and it will significantly increase the overall economic impact of the destination,” said Larry Sieg, President and CEO of Meet AC. Meet AC focuses on convention development in Atlantic City.

And the idea is not new. Then-Democrat Rep. Reed Gusciora — who is now Trenton Mayor — called for Atlantic City’s tremendous potential for the cannabis boom of 2016.

Atlantic City peaked as a “wet city” long ago in the 1930’s and has since succumbed to rapid decline and casino failure. As the city boomed, its population shrank by half.

The 3rd Annual New Jersey Cannabis Convention (NECANN) will be held September 9-10 at the Atlantic City Convention Center.

The potential has been building for over a year. On February 22, 2021, New Jersey became the fourteenth state to legalize adult-use cannabis.

“The cannabis market, specifically in Atlantic City, is huge, untapped and full of potential,” writes NECANNE. “With only one major cannabis dispensary in town. We are very excited to see the potential of Atlantic City’s cannabis community becoming a reality. NECANNE is proud to offer personalized cannabis exhibitions that suit local communities and their needs.”

Check local listings for more events sure to follow.