Resorts World Las Vegas (RWLV) is coming soon, and it plans on making a huge impact on the Vegas gambling scene. It is the first casino to be built on the Vegas Strip in over a decade and, at a cost of around $4.3 billion, is a massive investment on the part of its owner, Genting Group. However, what might be even bigger news is the fact that RWLV is going to accept cryptocurrency. This is the first time that a Las Vegas casino resort will allow digital currencies and comes via a new partnership with crypto exchange Gemini.
Land-based Gaming Meets Cryptocurrency
Online gaming sites have accepted crypto for years, but it’s not easy to find a land-based casino that has embraced the digital currency space. RWLV announced yesterday that it had partnered with Gemini to make this possible, allowing its gamblers to use their Gemini wallets to “enhance the integrated resort experience.” All of the details regarding how the resort will facilitate the use of crypto are expected to be laid out in the next couple of weeks.
Scott Sibella, President of RWLV, said in the announcement, “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. 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.”
Crypto Value Fluctuations Still a Concern
Perhaps one of the reasons there hasn’t been more widespread adoption of crypto as a form of payment is because of fluctuations in the values of the top currencies, including Bitcoin (BTC), Ether (ETH) and others. However, there has been significantly more interest in crypto as an alternative to fiat, as witnessed by recent announcements by Visa, PayPal, eBay and others that they are either embracing, or considering embracing, digital currency payments. These moves denote a major shift in how crypto is viewed and how it can be an integral part of a larger financial ecosystem.
None of those other recent announcements strike a chord as important as RWLV’s announcement, though. The resort, which is expected to open sometime next month, is possibly about to become a pioneer in the merger of land-based gaming and crypto and Gemini will be a part of it. Tyler Winklevoss, co-founder and CEO of Gemini, asserts, “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. 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.”
As significant as the news is, however, it has to be approached with a certain degree of caution. It’s well-known that crypto exchanges are beginning to be more closely scrutinized in the US and there is no precedent for the use of digital currency at land-based casinos. Wyoming allows crypto for its legal sports gambling market, but the state has always been more crypto-friendly. It’s possible that Nevada gaming regulators, or even federal regulators, could step in at the last minute and cause trouble for RWLV’s plans; however, there is not yet any indication that they will get in the way.