Atlantic City, NJ could return to its original glory as a tourist destination with the Green Rush boom and the following cannabis business events. A city once dominated by the gambling industry is now facing its uncertain future, and local experts believe that cannabis intercompany events could solve this problem.
What is familiar ‘glamor and corruption’ From the boardwalk in Atlantic City is well known to locals, but the city has been in decline for decades. Donald Trump’s Taj Mahal Hotel & Casino Permanently closed on October 10, 2016And things haven’t gotten any easier for the gambling industry since then. This was followed by the Revel Casino Hotel, which closed the doors and is also sold out.
Things Seems to be getting worse in 2019And the Although going up In the casino industry’s revenue in 2021, mostly due to the tax break, the city is still miles away from where it once was. In addition, Atlantic City Tropicana workers are Sit-in for better pay and union membership Because the future of the casino is still uncertain.
However, the economic effects of rolling out the cannabis market could be the answer to the city’s long-term financial problems. During the first month of cannabis sales to adults in New Jersey Brought home $24 million in tax revenue.
Skift Meetings, which focuses on event professionals, released a recent report On the true potential that Atlantic City offers for the Green Rush – putting more than a band-aid on the city’s economic fallout.
The most obvious comparison is the boom of business events in Las Vegas, such as MJBizCon or the CHAMPS trade fair, attracting tens of thousands of tourists looking for networking opportunities and more. Atlantic City has 17,029 hotel roomsA high proportion of rooms compared to other cities in its size, as it is designed for tourism. Atlantic City can host large-scale events of the same nature.
Stu ZakimBridge Corporation President for Strategic Communications and a member of the Marijuana Business Association said:[Atlantic City] It can be a very successful destination for hosting cannabis conferences,” Zakim told Skift Meetings.
Many others agreed that New Jersey’s new cannabis market is especially ideal for a city like Atlantic City. This is especially true for cannabis conventions that need large facilities.
“The legalization of cannabis in 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 greatly increase the overall economic impact of the destination,” Get to know ACPresident and CEO Larry Seig. Meet AC is focused on developing the convention in Atlantic City.
The idea is not new. Then-Democrat Reed Gossiora – now Mayor of Trenton –Called Atlantic City’s huge potential for the cannabis boom in 2016.
Atlantic City reached its heyday long ago in the 1930s as a “wet city”, and since then, it has reached its peak I succumbed to the rapid declineCasinos fail. Its population was reduced to half the size when the city was booming.
third annual New Jersey Cannabis Convention (NECANN) September 9-10 at the Atlantic City Convention Center.
The potential has been piling up for over a year. On February 22, 2021, New Jersey became the 14th state to legalize adult use of cannabis.
“The cannabis market in Atlantic City specifically is huge, untapped and full of potential,” NECANN Writes. “With only one major cannabis dispensary in town. We are very excited to see the potential of the Atlantic City cannabis community become a reality. NECANN is proud to bring personalized cannabis fairs to suit local communities and their needs.”