Publication Date: May 7, 2021, 03: 49 hrs .
Last updated: May 7, 2021, 04: 44 hrs.
When Resorts World Las Vegas opens its doors in mid-June, the $4.3 billion resort will be optimized for cryptocurrencies.
Malaysian developer Genting announced Thursday that it has partnered with Winklevoss-owned cryptocurrency exchange Gemini to ensure the new property will be one of the most "cryptocurrency-friendly" places in Las Vegas
In a joint statement, the two companies said they aim to "create and implement cryptocurrency-friendly services at best-in-class institutional rates across all areas of the integrated center experience. "
Together, they will explore" future possibilities that will allow Gemini cryptocurrency wallet users to use the cryptocurrency tool for payments at a US casino and hotel. "
This is the first real estate deal on the Las Vegas Strip and Genting and Gemini resort are promising that their cryptocurrency-based services will be finalized and announced "in the coming weeks." But for now, they're keeping things appropriately vague, leaving media outlets like this one to speculate wildly.
One thing is for sure, Resorts World customers will not be using bitcoin or any altcoins to gamble for the time being, as that would be illegal under Nevada state law.
Casinos can only accept U.S. currency on the floor, but several already accept bitcoins for goods and services.
Whether their customers can use cryptocurrency at Resorts World Las Vegas or convert dollars to cryptocurrencies, being one of the first to support cryptocurrencies 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 the first Strip, but it's not the first time in Las Vegas. Derek Stevens embraced bitcoin in a big way in 2014 at his Downtown D Las Vegas and Golden Gate properties, even installing a bitcoin ATM.
At D and Golden Gate, you can pay for meals, hotel reservations and products at the gift shops and front desk with bitcoin. These payments are handled by Atlanta-based bitcoin service provider, Bitpay.
Gambling with the Future
For now, "cryptocurrency-friendly" offers Resorts World will be in a similar vein. Gambling with cryptocurrency could be the future.
This may not happen until the United States establishes its own national cryptocurrency, the long-distributed digital dollar or "Fedcoin" - a blockchain-based currency would be centralized, stable and fraud-proof.
This is a possibility that casino providers are beginning to invest in. Earlier this year, slot machine maker International Game Technology (IGT) received a patent for a system that would allow players to transfer cryptocurrencies from their accounts to a "casino account."