A Las Vegas casino owner’s decision to start accepting payment in bitcoin has paid off, with business at his venues improving following the move.
Derek Stevens, CEO of the D Las Vegas Casino Hotel and the Golden Gate Hotel & Casino started accepting bitcoin at the sites in January 2014. Of the two casinos, the D Las Vegas Casino Hotel, is processing the highest number of bitcoin transactions, Stevens revealed, though he declined to disclose exact figures.
Bitcoin is now accepted at the front desks of the Golden Gate and the D and as well as the gift shop and three restaurants at the D, giving the latter destination the edge in terms of the number of bitcoin-accepting locations.
Recalling the past year, Stevens told CoinDesk:
“We’re located in the growing tech sector of downtown Las Vegas, so it seemed like the right fit and we’ve definitely seen more business as a result.”
The D also recently replaced its Robocoin bitcoin ATM with a Genmega G6000 bitcoin ATM, though Stevens declined to provide a reason for the decision.
Low-cost items see boost
While tight-lipped about the finer details, Stevens did reveal the casinos currently see the highest number of bitcoin purchases at American Coney Island, an on-site eatery that specializes in classic American fare.
Bitcoin is also accepted at the higher-cost dining options Joe Vicari’s Andiamo Italian Steakhouse and the D Grill.
Stevens believes it is American Coney Island’s relatively low pricing that is making bitcoin purchases more common there than at the other restaurants.
Community-driven business
Another factor in the performance of the program has been the local bitcoin community, which Stevens said frequents the properties to support the payment method.
Other factors influencing the performance include the price of bitcoin, and whether any tech events are being held locally.
Image via Pete Rizzo for CoinDesk