Skip to content

Cryptocurrency is coming to Vegas: Here’s what you need to know

May 08, 2021
5 min read
This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

Cryptocurrencies are headed to Vegas. On Thursday, Resorts World Las Vegas announced a partnership with Gemini, a cryptocurrency exchange and custodian. The goal of the partnership is to explore opportunities to integrate cryptocurrencies into the resort experience. While the new 3,500-room resort doesn’t open until June 24, patrons will eventually be able to use their cryptos to pay for select services.

New to The Points Guy? Want to learn more about credit card points and miles? Sign up for our daily newsletter.

President of Resorts World Las Vegas Scott Sibella said, "Resorts World Las Vegas is committed to integrating innovative technology conveniences across the resort to enhance the overall guest journey."

But what does paying with crypto mean? Even with the meteoric rise of Bitcoin, the most prominent crypto, over the last decade, cryptocurrencies are still a foreign concept to many people. From a 30,000-foot view, it’s not unlike using a debit card for online transactions. In that sense, you don’t necessarily need to understand the underlying mechanics of cryptocurrency to use it — just as you wouldn’t need to understand payment processing to use a debit card.

However, there are a few key things to know about cryptocurrencies, especially as they gain wider real-world functionality.

What is a cryptocurrency?

A cryptocurrency is a form of digital money. Unlike traditional fiat currencies (like the U.S. dollar), cryptocurrencies are decentralized. Simply put, this means cryptocurrencies are managed by global networks of users, instead of a single entity or central authority.

Related: Is earning Bitcoin with each swipe the credit card reward of the future? These cards think so

Bitcoin is the original cryptocurrency, dating back to its debut in 2008. Since then, the idea of “digital currency” has gained a lot of traction — the cryptocurrency market is now worth over $2 trillion. While Bitcoin remains the most popular and commonly traded cryptocurrency, companies and developers have launched thousands of additional cryptocurrencies with a wide range of purposes, from smart contracts to rentable storage space.

While various industries are still figuring out ways to practically use cryptocurrencies, many people and institutions treat them as investments, buying and selling coins with the hope that their values will appreciate. Crypto exchanges were founded to facilitate this process. These exchanges — such as Gemini and Coinbase — are similar to stock market exchanges like the New York Stock Exchange and the Nasdaq.

Sign up for our daily newsletter

That said, before you purchase cryptos for use or as investments, it’s important to understand how they work.

How do cryptocurrencies work?

Most cryptocurrencies rely on blockchain technology to function. A blockchain operates as a public ledger. As people trade a cryptocurrency, each transaction is verified by the network, recorded on the ledger, and protected through cryptography techniques like encryption — hence the prefix “crypto.”

Transactions are grouped into batches called “blocks.” To add blocks to the blockchain, specific users (known as “miners”) solve cryptographic puzzles using dedicated software and hardware. The first miner to solve the puzzle is rewarded with new coins and usually a transaction fee. This is the process many cryptocurrencies use to issue new coins.

Related: Should you buy Bitcoin with your credit card?

In order to actually possess cryptocurrencies, you need a cryptocurrency “wallet.” There are several types of wallets, but the two most common are hosted wallets and unhosted wallets. These are also known as custodial wallets and non-custodial wallets.

If you have a hosted wallet, a third-party financial institution holds and secures your crypto account for you — much like a bank that stores your money in a checking or saving account. Conversely, unhosted wallets remove the third party from the equation. You maintain complete control over your account and its security, which means you’re also responsible for remembering and protecting your account password (often referred to as a private key). This is equivalent to holding cash in a safe at home.

Wallets enable people to purchase, trade, and use crypto for goods/services — such as gaming-related services at Resorts World Las Vegas.

How will cryptocurrencies work within casinos?

The new partnership between Resorts World Las Vegas and Gemini is a big step for the crypto industry. While both entities highlighted the significance of the partnership, the details about how cryptocurrencies will work within the resort — beyond that there will be “crypto-friendly services" — will be "finalized and announced in the coming weeks," according to PR Newswire.

Tyler Winklevoss, CEO of Gemini, said, "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."

Previous crypto developments in Las Vegas are more insightful.

Related: Forget miles, this card pays you back in Bitcoin

Earlier this year, International Game Technology Plc — a slot machine producer — received a patent that sheds light on how cryptocurrencies could work within casinos. The patent is for a system that enables players to transfer funds from a cryptocurrency wallet to a gaming account, which could then be used for casino games like Megabucks and Wheel of Fortune.

Related: This upstart company just unveiled a no-annual-fee card with up to 3% back — here’s why we’re intrigued

Businesses across many industries face the decision of becoming early adopters of cryptocurrency or shying away from the risks. But it’s clear that the landscape is changing, as evidenced by the casino industry’s willingness to incorporate this technology into its gaming experience.

Photo courtesy of Resorts World Las Vegas

Featured image by (Photo courtesy of Resorts World Las Vegas)
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Top offers from our partners

How we chose these cards

Our points-obsessed staff uses a plethora of credit cards on a daily basis. If anyone on our team wouldn’t recommend it to a friend or a family member, we wouldn’t recommend it on The Points Guy either. Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners.
See all best card offers

TPG featured card

Best card for premium perks while traveling
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards

2 - 10X points
10XEarn unlimited 10X miles on hotels and rental cars booked through Capital One Travel
5X5X miles on flights booked through Capital One Travel.
2X2 Miles per dollar on every purchase, every day

Intro offer

75,000 bonus miles
Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel

Annual Fee

$395

Recommended Credit

740-850
Excellent
Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Why We Chose It

The Capital One Venture X card is one of the best all-round travel credit cards ever launched. Not only is it offering a tremendous welcome bonus, but cardholders can earn tons of miles on everyday spending and receive a 10,000-mile anniversary bonus to boot. Its annual fee is $395, but cardholders can count on up to $300 in statement credits toward travel booked through Capital One Travel each year and other valuable benefits like access to Priority Pass lounges and Capital One’s own growing family of airport lounges.

Pros

  • Excellent welcome offer worth 75,000 miles after you spend $4,000 on purchases in the first three months.
  • Up to $300 in annual travel statement credits toward bookings make through Capital One Travel.
  • 10,000 bonus miles (worth $100 toward travel) each account anniversary.

Cons

  • The $395 annual fee might be expensive for some, but this card’s benefits provide much more value than that.
  • If you don’t travel frequently, this might not be the best card for you.
  • Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel
  • Receive up to $300 back annually as statement credits for bookings through Capital One Travel, where you'll get Capital One's best prices on thousands of options
  • Get 10,000 bonus miles (equal to $100 towards travel) every year, starting on your first anniversary
  • Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel
  • Earn unlimited 2X miles on all other purchases
  • Unlimited complimentary access for you and two guests to 1,400+ lounges, including Capital One Lounges and our Partner Lounge Network
  • Receive up to a $100 credit for Global Entry or TSA PreCheck®
  • Use your Venture X miles to easily cover travel expenses, including flights, hotels, rental cars and more—you can even transfer your miles to your choice of 15+ travel loyalty programs
  • Named editors' choice for "Best New Credit Card of 2021" by The Points Guy
  • Earn 10 miles per dollar when you book on Turo, the world's largest car sharing marketplace, through May 16, 2023
Best card for premium perks while traveling
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards Rate

10XEarn unlimited 10X miles on hotels and rental cars booked through Capital One Travel
5X5X miles on flights booked through Capital One Travel.
2X2 Miles per dollar on every purchase, every day
  • Intro Offer
    Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel

    75,000 bonus miles
  • Annual Fee

    $395
  • Recommended Credit
    Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

    740-850
    Excellent

Why We Chose It

The Capital One Venture X card is one of the best all-round travel credit cards ever launched. Not only is it offering a tremendous welcome bonus, but cardholders can earn tons of miles on everyday spending and receive a 10,000-mile anniversary bonus to boot. Its annual fee is $395, but cardholders can count on up to $300 in statement credits toward travel booked through Capital One Travel each year and other valuable benefits like access to Priority Pass lounges and Capital One’s own growing family of airport lounges.

Pros

  • Excellent welcome offer worth 75,000 miles after you spend $4,000 on purchases in the first three months.
  • Up to $300 in annual travel statement credits toward bookings make through Capital One Travel.
  • 10,000 bonus miles (worth $100 toward travel) each account anniversary.

Cons

  • The $395 annual fee might be expensive for some, but this card’s benefits provide much more value than that.
  • If you don’t travel frequently, this might not be the best card for you.
  • Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel
  • Receive up to $300 back annually as statement credits for bookings through Capital One Travel, where you'll get Capital One's best prices on thousands of options
  • Get 10,000 bonus miles (equal to $100 towards travel) every year, starting on your first anniversary
  • Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel
  • Earn unlimited 2X miles on all other purchases
  • Unlimited complimentary access for you and two guests to 1,400+ lounges, including Capital One Lounges and our Partner Lounge Network
  • Receive up to a $100 credit for Global Entry or TSA PreCheck®
  • Use your Venture X miles to easily cover travel expenses, including flights, hotels, rental cars and more—you can even transfer your miles to your choice of 15+ travel loyalty programs
  • Named editors' choice for "Best New Credit Card of 2021" by The Points Guy
  • Earn 10 miles per dollar when you book on Turo, the world's largest car sharing marketplace, through May 16, 2023