Caesars, Bakkt Crypto Announce Partnership

Posted on: March 9, 2023, 05:54h. 

Last updated on: March 10, 2023, 02:39h.

Todd Shriber @etfgodfather Read More

Expertise: Financial, Gaming Business, Mergers and Acquisitions.

Caesars Entertainment and Bakkt Holdings unveiled a new partnership today that includes naming rights to the live entertainment venue at Planet Hollywood Resort & Casino on the Las Vegas Strip.

Georgia-based Bakkt Holdings offers avenues for customers to earn and redeem loyalty points across various programs and industries. The company also operates a cryptocurrency payments and trading platform that can be integrated into banking mobile applications and rewards programs.

Through this relationship, the Bakkt brand will come alive in Las Vegas as the namesake for one of The Strip’s most influential theaters. Since 2013, the newly renamed Bakkt Theater has been recognized as the epicenter of A-list entertainment in Las Vegas,” according to a statement.

The Planet Hollywood venue was formerly known as Zappos Theater — named for the footwear company started by the late Tony Hsieh. Amazon owns Zappos. Other live entertainment properties with ties to the cryptocurrency space include Crypto.com Arena — home of the Los Angeles Lakers. The Miami Heat’s home court was named for crypto broker FTX, a judge terminated that agreement in January following the company’s collapse.

Bakkt Partnership Includes Caesars Rewards

Beyond applying the Bakkt brand to the Planet Hollywood theater, Caesars Rewards will be integrated into the partnership. Pending regulatory approval, Caesars Rewards members can redeem rewards credits through Bakkt Crypto Rewards.

At least one credit is earned for every dollar spent, and there are six tier levels: Gold, Platinum, Diamond, Diamond Plus, Diamond Elite, and Seven Stars. Additionally, Caesars offers rewards program participants myriad physical locations in which to earn rewards. In Las Vegas, the company controls nine integrated resorts, and its regional network taps into marquee gaming markets outside Nevada, including Colorado, Illinois, Indiana, Louisiana, and Pennsylvania, among others.

“Bakkt and Caesars will share additional details on forthcoming crypto offerings soon. Legends Global Partnerships represented Caesars Entertainment in sourcing and negotiating the strategic agreement with Bakkt,” according to the statement.

Interesting Timing for Bakkt, Caesars Tie-Up

While Bakkt offers crypto custody and digital wallet services, its business model isn’t dependent on bullish price action in the digital currency universe. Likewise, the agreement with Caesars doesn’t directly expose the casino operator to what’s often a volatile asset class and one that gaming companies and regulators alike have some pause about.

Bakkt and Caesars announced their relationship just a few months following the aforementioned collapse of FTX. As a crypto bank, Silvergate said today, it is halting operations and returning deposits to clients.

That news sent bitcoin — the largest digital currency by market capitalization — to seven-week lows.