A Las Vegas casino bets against cash
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Cash is so pivotal to the casino experience that Las Vegas ATMs get away with charging an average of $10 per withdrawal. But a new resort is taking a digital approach, hoping to streamline processes and reduce many of the costs associated with handling cash.
Along with reducing the risk of theft, minimizing cash-handling at casinos and associated retail shops cuts down on labor costs and eliminates lines for gamblers waiting to cash in and out.
The $4.3 billion Resorts World, opening June 24, claims to be the world's first fully contactless casino, with mobile payments technology built into every channel — hotel rooms, restaurants, shops and across the gaming floor.
Resorts World is encouraging the cashless experience by promoting a proprietary rewards program for its mobile app powered by Las Vegas-based Sightline Payments (much like the cashierless Amazon Go stores, cash will still be an option for those who prefer it).
Sightline’s Play+ process for loading funds to the Resorts World mobile app will play a key part in reducing the pain points associated with handling cash, according to Joe Pappano, Sightline’s CEO.
“We want to become one of the top funding mechanisms for casino and online gambling, making it easier and more secure to manage gambling funds as internet gambling becomes legal in more jurisdictions,” he said. Founded in 2010, Sightline has 1.5 million customers enrolled in Play+ via 70 programs in 39 states.
The pandemic spotlighted issues around handling cash, spurring Nevada gaming regulators to begin working on an agreement to expand cashless betting, a move that is encouraging competition. Two other Las Vegas-based companies, Everi Holdings and Scientific Games Corp., are developing rival digital wallets for gambling.
Caesars Palace last month said it's testing Everi’s Jackpot Xpress secure digital payment system that supports secure identification, loyalty and a new method for managing taxes on casino winnings.
Digital gambling methods in Nevada could take a bite out of revenue for local and national independent ATM operators, who charge among the highest fees in the nation, Pappano said. Rising operational costs also make it increasingly expensive for casinos to securely manage their cash hoards.
While some casinos already offer various forms of cashless gambling and many hotels and restaurants have contactless payments, Resorts World marks the first time hospitality, retail and gambling are connected for a completely cashless experience within a major casino, Pappano said.
“The technology to connect online gambling and hospitality has been evolving at different rates, but Resorts World is the first to be built from the ground up to support a fully digital experience,” he said.
Resorts World, owned by Malaysia-based Genting Group, will operate in partnership with Hilton Hotels, along with several technology providers working alongside Sightline to create a cashless ecosystem with different layers.
Sightline this month also completed the purchase of cross-town casino app developer Joingo for an undisclosed sum. The acquisition followed a $100 million infusion of venture capital funding in April from investors including Cannae Holdings and its chairman William P. Foley II, who is also chairman of the board of Paysafe.
U.K.-based Paysafe has said it expects its payments processing volume for online gambling to drive future business as more U.S. states approve internet betting.
Resorts World’s mobile app — which also provides keyless entry to guests’ hotel rooms — prompts users to enroll in Sightline’s Play+ electronic payments flow. Users link a payment card or bank account to immediately receive a digital version of a reloadable prepaid Mastercard debit card.
Rewards and winnings accumulate in the app, for users to spend directly, transfer to a bank account or cash out at the casino or via an ATM. Enrollees will also receive a physical version of the card by mail, Pappano said.
To gamble, players must set up a digital wallet within the Resorts World mobile app that links to Play+. Users may add funds to the gaming wallet via Play+ or load cash at the casino’s player services desk or through kiosks located around the casino that are provided by NRT Technology.
Supporting systems include an instant-ticket system that lets gamblers collect table winnings via a voucher and move to another game and RFID-embedded poker chips to ensure accuracy, Resorts World said in the release.
Pappano, who spent 30 years at Vantiv (now Worldpay) overseeing merchant sales and electronic payments for the gaming industry before joining Sightline late last year, said the pandemic accelerated a longtime push toward cashless gambling.
Sightline, which has worked with existing Las Vegas casino operators including MGM Grand to support online sports betting and issues prepaid cards for cashless gambling through the Bank of George and Sutton Bank, says many consumers now prefer the convenience of digital channels for tracking bets.
“From both the technology and the regulatory perspective, the pandemic was a major catalyst in breaking down the barriers to fully contactless gambling and now we’re finally starting to see it become a reality,” Pappano said.
