As the world advances and digital currency becomes more suitable for players to use, cryptocurrency seems like the next step for land-based casinos to take another step into a digital age. Reports have come in stating that Resorts World Las Vegas, a resort worth 4.3 billion USD, should be optimized for guests to use cryptocurrency when the resort opens in mid-June.
A partnership between the Gemini, a cryptocurrency exchange owned by the Winklevoss twins, and the Genting Group, the Malaysian developer and owner of Resorts World Las Vegas, has been struck. The deal was made to make sure that the Las Vegas property will eventually be one of the most user-friendly cryptocurrency facilities in the city.
In a joint statement from the two entities, they said that they would work together to pursue the implementation and creation of cryptocurrency-friendly services at the location. The duo will work toward providing cryptocurrency services at the best rates and would be integrated into all the areas of the experience at the resort. Additionally, the two companies will explore future opportunities that will make it easier and accessible to Gemini crypto wallet users to make cryptocurrency payments at the hotel and casino property going forward.
There is yet to be an official launch date for the services to be up and running. However, Gemini and the Genting Group have promised that the services optimized for cryptocurrency would be announced very soon, within weeks. Along with no official launch date, the entities are being tight-lipped about further details regarding the partnership and what the services will look like going forward. One thing that doesn’t need more information from the companies is that under the gaming laws in Nevada, the use of cryptocurrency to fund gambling is still illegal. So, visitors to the resort and casino will not be using cryptocurrency coins to gamble with right now. The partnership is a first for a property on the Las Vegas Strip.
Even though patrons are not allowed to use cryptocurrency on the gaming floor, bitcoin and other altcoins can be used to pay for goods and services at the resort and hotel. The city of Las Vegas has experience with using cryptocurrency in this way. In 2014, Derek Stevens made a huge leap when he embraced bitcoin at his Golden Gate and downtown D Las Vegas properties. The facilities are even home to bitcoin ATMs to make it easier for users to gain access to their cryptocurrency. At these locations, bitcoin can be used to pay for a host of amenities such as purchasing items at the gift shop, pay for services at the front desk, hotel reservations and pay for meals at restaurants. Stevens employed BitPay, based in Atlanta, to facilitate the bitcoin transactions at his properties.
The optimization and use of cryptocurrency at Resorts World should be facilitated in the same way. However, it could be seen as a step to prepare for when cryptocurrency can be used to gamble with at land-based casinos. While there has been a lot of speculation as to when that will be, progress will likely be made on that front until the United States achieves its goal of creating a national cryptocurrency. There is no information to substantiate the creation of the Fedcoin at this time but many interested parties are keen to see if it can be done and may mark the start of using cryptocurrency on a more regular basis and in more usual ways.
Many casino operators and suppliers see the potential that cryptocurrency has and how it would benefit the industry going forward. Naturally, it is something that many have been investing in as well. A good example of this initiative came from International Game Technology (IGT), a slot machine and online slot developer, received a patent for a cryptocurrency system it created. The system allows gamblers to get crypto from their accounts and transfer it to an account at a gaming establishment making it easier for players to use a monetary value to fund their accounts for gaming.