Resorts World Las Vegas announced a deal Thursday with Gemini, a cryptocurrency exchange company operated by the Winklevoss twins, that would allow customers to utilize the product at the $4.3 billion Strip resort.
Despite a statement in the announcement that said Gemini and Resorts World would pursue creation and implementation of crypto-friendly services “across all areas of the integrated resort experience,” gaming can’t be included under current Nevada law.
The state does not have regulations governing the use of cryptocurrency on casino floors, and the payment method is not allowed.
“Nevada does not allow cryptocurrencies to be used directly in gaming,” Gaming Control Board Chairman Brin Gibson said in an email. “There is at least one instance of a licensee 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.”
Downtown Las Vegas casino owner Derek Stevens utilizes a Bitcoin payment system at the D Las Vegas and Golden Gate for customers to pay for dining, hotel reservations, items at the gift shops, and the front desk. The Bitcoin system can also be utilized at the Downtown Events Center.
Resorts World said the companies are pursuing the creation and implementation of crypto-friendly services at best-in-class institutional rates that would allow customers to use their Gemini crypto wallet at the 3,500-room resort.
In a statement, company officials said the goal of Resorts World Las Vegas is for the property to become “one of the most crypto-friendly resorts on the Las Vegas Strip.”
Resorts World, which has scheduled a June 24 opening and said details about the services will be finalized and announced in the coming weeks.
“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,” Resorts World Las Vegas President Scott Sibella said in a statement. “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.”
The Gaming Control Board recommended approval for Resorts World’s opening Wednesday and the Nevada Gaming Commission will decide on the matter on May 20.
According to Investopedia, cryptocurrency covers a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology — a distributed ledger enforced by a disparate network of computers.
Gemini was founded in 2014 by twin brothers Cameron and Tyler Winklevoss. It is a platform that allows customers to buy, sell, store, and earn cryptocurrencies like bitcoin, ether, and DeFi tokens. Gemini’s secure products are built to “empower the individual.”
In a statement, Gemini CEO Tyler Winklevoss said Resorts World will be the first Strip resort 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,” Winklevoss said.
As students at Harvard, the Winklevoss twins co-founded HarvardConnection, which was renamed ConnectU. In 2004, they sued Facebook creator Mark Zuckerberg, claiming he stole the ConnectU idea to create Facebook. An agreement eventually settling two different cases was reached in February 2008, with the Winklevoss party receiving $20 million in cash and $45 million in Facebook stock.
The lawsuit was part of the 2010 movie, The Social Network, which was about the creation of Facebook.
Howard Stutz is the executive editor of CDC Gaming Reports. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
