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Caesars and Bakkt Cryptocurrency Firm Join Forces for Partnership

Caesars' Planet Hollywood welcomes Bakkt as new theater naming partner.

Planet Hollywood Resort & Casino on the Las Vegas Strip. Operator Caesars announced a partnership...
Planet Hollywood Resort & Casino on the Las Vegas Strip. Operator Caesars announced a partnership with Bakkt Holdings.

Caesars and Bakkt Cryptocurrency Firm Join Forces for Partnership

Georgia-based Bakkt Holdings collaborated lately with Caesars Entertainment, marking a significant alliance involving the live entertainment venue at Planet Hollywood Resort & Casino on the Las Vegas Strip.

Bakkt Holdings provides platforms for customers to garner and utilize rewards points across diverse programs and industries. The corporation also operates a cryptocurrency payment and trading platform that can seamlessly integrate into banking mobile apps and rewards programs.

Under this partnership, Bakkt will now claim fame in Sin City as the identifiable moniker for one of The Strip’s most impactful theaters. Since 2013, the revamped Bakkt Theater, previously known as Zappos Theater, has been synonymous with the heart of A-list entertainment in Las Vegas, according to a statement.

The Planet Hollywood venue was once called Zappos Theater β€” named after the shoe company founded by the late Tony Hsieh. Amazon owns Zappos. Live entertainment properties with connections to the cryptocurrency sphere include Crypto.com Arena β€” home of the Los Angeles Lakers. The Miami Heat's home ground, however, was christened with the name of crypto broker FTX. The agreement was nullified by a judge in January following the company's demise.

Bakkt-Caesars Alliance Extends to Caesars Rewards

Beyond associating the Bakkt brand with the Planet Hollywood theater, the alliance reaches Caesars Rewards. Pending regulatory approval, Caesars Rewards members will be able to redeem their rewards credits through Bakkt Crypto Rewards.

Caesars Rewards, with over 60 million members, is the gaming industry's most extensive loyalty program. The U.S.'s largest casino operator by venue count, Caesars, allows members to accumulate points through various channels like the Caesars Sportsbook app and non-gaming hotels, among others.

At least one credit is awarded for every dollar spent, and there are six tier levels: Gold, Platinum, Diamond, Diamond Plus, Diamond Elite, and Seven Stars. Furthermore, Caesars rewards program participants have numerous physical locations where they can earn rewards. In Las Vegas, the company manages nine integrated resorts, and its regional network extends into major gaming markets outside Nevada, such as Colorado, Illinois, Indiana, Louisiana, and Pennsylvania, among others.

β€œBakkt and Caesars are set to disclose further details on upcoming crypto offerings shortly. Legends Global Partnerships represented Caesars Entertainment in securing and negotiating the strategic agreement with Bakkt,” according to the statement.

Timely Announcement for Bakkt-Caesars Linkup

Though Bakkt offers crypto custody and digital wallet services, its business approach isn't contingent upon bullish trends in the digital currency market. Similarly, the partnership with Caesars doesn't expose the casino operator to the often volatile crypto asset class, which gaming companies and regulators may have reservations about.

Bakkt and Caesars unveiled their association just a few months after the previously mentioned downfall of FTX. As a crypto bank, Silvergate announced today it is suspending operations and returning deposits to clients.

This news sent bitcoin β€” the largest digital currency by market capitalization β€” to seven-week lows.

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