Cryptocurrency Comes to Vegas Strip in New Resorts World Las Vegas Deal

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Poker players will soon be able to access their cryptocurrency holdings at a Las Vegas Strip casino when the city’s newest property opens in June. Genting-owned Resorts World Las Vegas, situated just north of Wynn/Encore, has released news of a partnership with Gemini, a cryptocurrency exchange and online wallet service owned by the billionaire Winklevoss Twins (Tyler and Cameron).

Resorts World Las Vegas
Resorts World Las Vegas announced it will accept crypto payments via online wallet and exchange Gemini when it opens in June. (Image: Resorts World Las Vegas)

According to a joint presser released by Resorts World Las Vegas and Gemini, the deal is designed to make the property “one of the most crypto-friendly resorts on the Las Vegas Strip, offering guests the convenience and security” that Gemini promises to provide. Users of the Gemini crypto wallet will be able to “enhance their resort experience” — to make purchases throughout the property — via their crypto balances.

Resorts World Las Vegas will be the first new major Strip property in more than a decade when it opens on June 24, 2021. The property will boast three separate hotels, 117,000 square feet of gaming floor space, and a dedicated 30-table poker room expected to host both cash game and tourney play.

Direct crypto-to-chips a future possibility

For the time being, Resorts World customers will be able to use crypto only for non-gambling purchases, and not directly for chips or other gambling transactions. That possibility will grow likelier as cryptocurrencies gain more mainstream acceptance and use. Gemini’s wallet is well-suited for such growth, as it also serves as an exchange for a large number of virtual currencies, including Bitcoin.

Nevada regulators will have to approve the use of cryptocurrency as a direct means of funding gaming transactions, and while such approval is likely in the long term, it will also arrive with its own and processing and tracking. Casinos in Nevada and across the US increasingly keep a watchful eye on high-value customer transactions, as required by federal agency FinCEN (Financial Crimes Enforcement Network) and its anti-money-laundering reporting requirements.

First Strip property using cryptocurrency

Resorts World will become the first Vegas Strip property and the third gambling venue in Vegas to offer some on-property cryptocurrency services. Two downtown properties, the D Casino and the Golden Gate, also accept virtual currencies such as Bitcoin for various non-gambling purchases.

That said, crypto’s arrival on the Strip represents another step in virtual currency’s acceptance. “As the first ground-up resort development on the Strip in more than a decade, Resorts World Las Vegas is committed to integrating innovative technology conveniences across the resort to enhance the overall guest journey,” said Scott Sibella, president of Resorts World Las Vegas. “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 co-founder Tyler Winklevoss echoed similar hopes. “We are incredibly excited to work with Resorts World Las Vegas, the first casino on the Las Vegas Strip to partner with a crypto platform and explore integrating crypto into their guest experience,” said Winklevoss. “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.”

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