Resorts World Las Vegas has entered into a partnership with the Gemini cryptocurrency exchange to allow customers to use crypto on the property, except on the gaming floor. [Image: Shutterstock.com]
More details to come
The soon-to-open Resorts World Las Vegas has entered a partnership with the Gemini cryptocurrency exchange. Thursday’s announcement outlined how the parties are looking at opportunities to allow customers to use crypto funds at the casino resort.
cryptocurrency will not be usable for gaming purposes
While the press release did not provide specific details about what customers will be able to use crypto for, further announcements will be forthcoming in the next few weeks. One thing is for sure – cryptocurrency will not be usable for gaming purposes, as it is not currently permitted under state law. Only US currency is valid in Nevada’s casinos.
An innovative partnership
Speaking on the reasoning behind this new partnership, Resorts World Las Vegas president Scott Sibella said: “By partnering with Gemini, a leader in cryptocurrency exchange, we are taking another step toward providing progressive guest experience solutions for today’s Las Vegas traveler.”
Gemini is a cryptocurrency exchange that allows users to purchase, sell, earn, and store their cryptocurrencies. Twins Tyler and Cameron Winklevoss founded Gemini in 2014. The brothers famously sued Facebook founder Mark Zuckerberg in 2004 after claiming that he stole their idea to create Facebook.
Gemini CEO Tyler Winklevoss noted that this is the first Las Vegas Strip casino to become partners with a crypto platform and to consider the integration of crypto throughout the guest experience. He described possible use cases, such as giving customers the ability to convert their fiat currency into crypto or to pay for goods and services at the casino resort using crypto.
The use of crypto in casinos
After a Resorts World Las Vegas and Genting Berhad presentation on Wednesday, Nevada Gaming Control Board (NGCB) Chairman Brin Gibson stated that he had “no concerns” in regard to issuing a license. Commissioners Phil Katsaros and Brittnie Watkins also were in favor of recommending license approval. The next step is a hearing from the Nevada Gaming Commission on May 20.
As to the role of cryptocurrencies in casinos, NGCB chairman Gibson has confirmed that these currencies are not permitted directly in gaming. He did note one case of a license holder that “allows cryptocurrency use in other non-gaming parts of its operation but has an exchange operation onsite that allows a patron to exchange the cryptocurrency into cash for use in gaming applications.”
The licensee is Derek Stevens and it covers his D Las Vegas and Golden Gate casinos in downtown Las Vegas. Customers have the ability to pay for their hotel reservations, dining, and gift shop items using crypto at these properties.
Getting close to opening day
Resorts World Las Vegas is the first resort development on the Strip built from the ground up in over a decade. Genting Group subsidiary Genting Berhad is in charge of the $4.3bn development. Genting has experience developing integrated resorts across the Americas, Bahamas, Singapore, Malaysia, and the UK.
Three different Hilton Hotels & Resorts brands will be a part of the final resort that will have over 3,500 hotel rooms and suites, as well as a next-generation 117,000 square-foot casino. A 5,000-seat concert venue will also be on site. Some of the more interesting aspects of the property include touch-free check-ins, keyless room entry, and an animated baccarat machine.
Construction began in May 2015 on the site of the former Stardust casino that closed for good in 2006. The scheduled opening date for Resorts World Las Vegas is June 24. After numerous Las Vegas casinos got the green light this week to return to operating at 100% capacity, it will likely be good timing for the Resorts World Las Vegas opening.