Resorts World Las Vegas Embraces Crypto with Winklevoss Twins’ Gemini Exchange

Posted on: May 7, 2021, 03:49h. 

Last updated on: June 30, 2021, 09:37h.

Philip Conneller @casinoorgphilc Read More

Expertise: Gaming Business, Regulation, Tribal Gaming.

When Resorts World Las Vegas flings open its doors mid-June, the $4.3 billion resort will be optimized for crypto.

Malaysian developer Genting announced Thursday it has partnered with Winklevoss-owned cryptocurrency exchange Gemini to ensure the new property will be one of the most “crypto-friendly” places to be in Las Vegas

In a joint statement, the two companies said they were pursuing the “creation and implementation of crypto-friendly services at best-in-class institutional rates across all areas of the integrated resort experience.”

And together, they will explore “future opportunities that will allow Gemini crypto wallet users to use the cryptocurrency facility for payments at the US-based casino and hotel entity.”

Next Generation

The deal is a first for a Las Vegas Strip property, and resort Genting and Gemini promise their crypto-based services will be finalized and announced “in the coming weeks.” But for now, they’re keeping things suitably vague, leaving media outlets such as this one to speculate wildly.

One thing is for sure, Resorts World’s patrons won’t be using bitcoin or any altcoins to gamble with just yet, because that would be illegal under Nevada law.

Casinos are only allowed to accept US currency on the gaming floor, but several already take bitcoin for goods and services.

Whether it’s the ability for their customers to use cryptocurrency at Resorts World Las Vegas or convert dollars into crypto, being one of the first to support crypto is a great way to meet the needs of the next generation of customers and provide a 21st-century experience,” said Gemini CEO Tyler Winklevoss.

The Gemini deal may be a first for the Strip, but it’s not a first for Las Vegas. Derek Stevens embraced bitcoin in a big way back in 2014 at his downtown D Las Vegas and Golden Gate properties, even installing a bitcoin ATM.

At the D and Golden Gate, you can pay for dining, hotel reservations, and items at the gift shops and the front desk using bitcoin. These payments are facilitated by Atlanta-based bitcoin service provider Bitpay.

Gambling with the Future

For now, Resorts World’s “crypto-friendly” offerings will be in a similar vein. Gambling with cryptocurrency may be one for the future.

And it may not happen until the US establishes its own national crypto, the long-rumored digital dollar, or “Fedcoin”– a blockchain-based currency that would be centralized, stable, and fraud resistant.

It’s an eventuality that casino suppliers are beginning to invest in. Earlier this year, slot machine manufacturer International Game Technology (IGT) received a patent for a system that would enable gamblers to transfer crypto from their accounts into a “gaming establishment account.”