Scott Mitchell

The captivating realm of online gambling has overwhelmed an unlimited number of players worldwide, sparking their interest to engage in their favorite gambling activity and experience a truckload of fun and entertainment. Although this innovative form of online gambling is appealing, exciting, and cost-effective, concerns related to casino security have also cropped up at the same time. In other words, gamblers face a lot of issues in terms of the payments they make on online casinos. To address this concern once and for all, cryptocurrencies have emerged as a sheet anchor for both players and casinos, and this form of digital asset resonates with both effectively. 

In this article, we will discuss how these groundbreaking cryptocurrencies effectively address safety concerns and leverage how we experience online casinos.

The Current State of Online Casino Safety

The requisite of safety and security in the captivating world of online gambling has become unquestionably imperative. Today, it is hard to rely on traditional payment methods only, as they feature limited security, entailing both players and operators to confront a variety of security challenges. The following are some of the commonest issues that make the safety of regular online casinos vulnerable mightily:

• Data Breaches: Traditional online casinos cannot be regarded as safe places for players in light of various attacks typically launched by hackers who prowl on the internet to steal their financial and personal details purposefully. The issue is termed data breaching, which fundamentally compromises players’ confidential information, paving the way for fraudulent activities.
• Fraudulent Transactions: In regular online casinos, fraudulent transactions have become common due to the mushrooming copiousness of specious individuals compromising the system for their personal gains. This causes players and casinos to incur great financial losses, tarnishing the reputation of online casino gambling mightily.
• Regulatory Compliance: The online gambling industry is bound by law to operate under regulatory compliance in several worldwide where gambling is not considered a fully legal activity. Every online casino must adhere to regulatory compliance, or failing to abide by these regulatory laws can outlaw their operations.

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The Benefits of Crypto Payments 

Cryptocurrency payments are considered by almost every new-era gambler due to the varied array of benefits, including seamless safety in their payments. The following are the key benefits of crypto payments: 

• Enhanced Privacy: Cryptocurrencies are well known for offering an enhanced level of privacy in transactions, which implies that players can make withdrawals and deposits without any concern regarding any instances of compromise on their financial details.
• Security through Blockchain: Blockchain technology is the cornerstone of digital assets, and it plays a key role in ensuring seamless transactions in every transaction processed on its platform. Each transaction is seamlessly encrypted, rendering manipulation of the system nearly impossible. Thankfully, with sure-fire blockchain security, such nefarious activities typically remain at bay.
• Protection Against Chargebacks: Conventional transaction methods often bring the specter of chargebacks, a perpetual enigma for players. Yet, the impervious nature of crypto payments foils chargeback and offers ironclad financial security.
• Reduced Regulatory Compliance Burden: Cryptocurrencies operate in splendid isolation from the convoluted web of traditional financial systems, relieving casinos of the Herculean burden of regulatory compliance. This liberates them to concentrate on delivering an unparalleled gaming experience.
• Faster and Cheaper Transactions: Cryptocurrency transactions are processed at a blazing-fast speed and an affordable cost compared to traditional banking methods. This sparks players’ interest to choose crypto casinos, where they unlock a treasure trove of unprecedented advantages that traditional gaming platforms simply cannot.

Challenges and Considerations 

Beneath the mesmerizing allure of crypto payments lies a labyrinth of challenges that must be noted. Here are a few key challenges with information on how casinos can effectively navigate them:

• Volatility: Cryptocurrencies are notorious for price swings or volatility in their price rates. This critical aspect critically affects the gaming experience of players and the various financial perks casinos offer. Casinos can iron out price swings by integrating payment processors that convert a cryptocurrency into a traditional currency.
• Limited Adoption: Cryptocurrencies are still new to online payment methods; therefore, not every person is currently familiar with them. Casinos can offer valuable and insightful guides to make people familiar with them and their benefits and address the issue of limited adoption effectively. 
• Security Concerns: Although security and cryptocurrencies are synonymous, the odds of hacking or fraud are possible. Casinos must implement state-of-the-art and ironclad security protocols and techniques to end security concerns seamlessly. 
• Transaction Delays: There may be transaction delays in cryptocurrency payments, and this happens due to congestion in the network. Casinos should let players know that such delays are common, and having their innovative system installed, withdrawals will take place in no time.

Conclusion 

In an era where the concern of online security is pervasive in online gambling, crypto payments have become a boon for players to their best satisfaction. After all, cryptocurrencies fundamentally rely on blockchain to offer a heightened level of anonymity and financial security to players. With faster and cheaper transactions, reduced regulatory compliance burden, protection against chargeback, and even more, these casinos have become a haven for most players who gain an extraordinary experience by using them. Despite the benefits, challenges are still pervasive, although it is possible to overcome them through specific planning and strategies. This will enhance the adoption of online crypto casinos and spark the interest of an increasing legion of players worldwide to choose them consistently.

Analysts are confident that MGM Resorts International will fully recover despite experiencing a cyber attack. According to their comprehension, the attack will not have any significant negative consequences.

In a recent statement, David Katz, an equity analyst with New York-based Jefferies, placed a price of $69 per share on MGM shares. As a result, MGM shares were traded shortly thereafter at $37 per share.

According to Katz, the cyber attack will have an impact on the third-quarter results for 2023 and will gradually diminish by the fourth quarter. The situation is then anticipated to become stable. They are in the process of aligning their results for the second half of 2023 with those of MGM. According to him, insurance will cover the damage adequately, and 2024–2025 will establish a balance. Their optimism originates from the thriving market in Las Vegas.

Katz referred to MGM’s SEC report from October 5, 2023, which mentioned the September cyber attack that impacted MGM’s computer operations, which took nine days to recover. Through that report, MGM predicted a $100 million effect on cash flow and spoke of a one-time $10 million expense for the purpose of technology consulting fees, along with legal fees and various other miscellaneous costs. 

According to the report, this cyber attack on MGM and Caesars Entertainment testifies to the measures taken by businesses to mitigate cyber threats. In this particular instance, human error was to blame; consequently, appropriate training is a necessity. There is also the insurance aspect, which serves as a safety net for the companies.

Katz predicts revenue and cash flow to the tune of $3.53 billion and $1.039 billion, respectively, as compared to $3.738 billion and $1.16 billion before the cyber attack took place. He goes on to add that the earning potential from the upcoming Formula One Las Vegas Grand Prix race should bring down the negativity. Added to that will be the Super Bowl, which will be in February 2024.

In the case of fiscal year 2023, the revenue and cost of the initiatives will be reduced to $15.251 billion and $4.51 billion, respectively, from $15.461 billion and $4.642 billion previously. The objective is set at $69.

Cybersecurity related to Las Vegas Strip casino operators has seemingly become vulnerable, with MGM Resorts International having fallen prey to a multi-pronged cyber attack. Its competitive company, Caesars Entertainment, will shortly come out with its revelation of having been the victim of a ransomware crime. 

Some unknown informants who are aware of the case spoke to Bloomberg and divulged the fact that it was Scatter Spider, a hacking group also known as UNC 3944, who was responsible for targeting Caesars. It was a ransomware entry, and the hackers managed to extract an undisclosed amount. As per the guessing games doing the rounds, it is presumed that Caesars paid out to the tune of approximately $30 million.

According to the latest regulations put in place by the Securities and Exchange Commission (SEC), publicly traded businesses are required to divulge material events to investors, and cyber ransom is one of them. These reports are carried out through Item 1.05 Form 8-K, which will be filed shortly by Caesars.

As of now, MGM has not come out with any official statement that it has fallen prey to a ransomware attack. However, some skeptics are certain that there are apparent signs that the company has experienced a ransomware attack. It is also being presumed that Scatter Spider was not responsible for the MGM attack. As per reports from the media, the cyber attack on MGM took place with the hacker playing the role of a present MGM employee and utilizing that to obtain technical identity from MGM’s IT wing.

According to the casino news, Scatter Spider has supposedly carried out the hacking of Caesars through an external supplier to the company. As per sources from Bloomberg, this is being seen as the modus operandi of Scatter Spider to enter Caesars network, which apparently began sometime in August 2023.

In the case of MGM and Caesars Entertainment, they are known to be the two largest operators on the Las Vegas Strip. They are credited with having expansive portfolios related to local casinos throughout the US. 

Caesars has not come out with the enormity of the financial loss of the cyber breach, and neither has MGM admitted to the ransomware theory. Moody’s Investors Service considers the MGM attack as a ‘credit negative’ event and focuses on the vulnerability in MGM’s business functions and its dependence on technology. Further risk factors related to MGM, in the opinion of Moody’s, are the supposed income loss when the systems were deactivated, the adverse impact on its image, and the costly investigative process that will soon begin.

Casinos in Las Vegas are way above the mark of $1 billion when it comes to monthly wins. The most recent figure of $1.40 billion for July 2023 makes it evident why Las Vegas is a hot destination for entertainment, no matter the conditions. The rise is at the rate of 6.7% in comparison to the previous year. Also, July 2023 is now the 29th month for Las Vegas to stay above the said mark consecutively.

This comes to light during the times when the traffic and number of visitors are dancing up and down. According to the latest casino news, the Las Vegas Convention & Visitors Authority has said that the convention traffic in July was down by a huge margin. Reports claim that the fall was in double-digit percentage; however, the LVCVA has also added that not the entire traffic means that it has tourists on board.

Approximately 3.5 million visitors were noted in the last month. This is an increase of 1% on a YoY basis, but the convention attendance remains down. That was at 16.8% to bring a number of 270,300. July 2022 had 23 conventions. July 2023 brought that down to 17 conventions. The assumption is that this could be a reason for the fall in the number. Fewer events, hence fewer people in town.

Seven months into the current year, the numbers are not doing that bad for conventions. As a matter of fact, they are said to be ahead of the previous year’s pace of 3.5 million.

Kevin Bagger from the LVCVA Research Center has highlighted that the hotel occupancy went up by 1.8% to touch an 85.2% margin. The number for the weekend is rather more amazing, with 92.6% hotel occupancy. While the overall occupancy is somewhere around 85% despite the weekends doing their jobs, it is a lot due to the midweek occupancy structure that has pulled the graph down.

Hotels were occupied only 82.2% of the time during that gap between the weekends. The majority of the days have surpassed the number for the previous year, but we were able to pull the overall score down all alone. The Vice President of the Research Center has further stated that the numbers are actually stabilizing after the drastic effects of the COVID-19 pandemic. The average Daily Room rate was $163, with the Revenue per Available Room being close to $139.

Traffic from Southern California is down. The Nevada Department of Transportation has acknowledged this and said that not every traffic movement reflects the entry of tourists.

Moving forward, experts have pitched authorities to continue investing in developing or improving the infrastructure of Las Vegas. One such personality is Brendan Bussmann from B Global. Brendan has highlighted that reinvestment will help the region in meeting future requirements.

Products by casino operators are indeed getting better in entertaining players. The fact can still not be ignored that the region has to be prepared for what is about to come in the future.

According to the CEO of Caesars Entertainment, Tom Reeg, customers attending the Formula 1 race and Super Bowl will be high-end and unlike in the year gone by. The Formula 1 race is slated for November 2023, whereas the Super Bowl will be held in February 2024. In his opinion targeting high-end customers will help in increasing revenues for the casino operators of Las Vegas. There are those who disagree with this line of thought.  

In Reeg’s viewpoint, Super Bowl 2024 will turn out to be a massive crowd-puller, and the costlier seats will help enormously. As per the company’s report, the overall earnings in Las Vegas in the second quarter declined by 1.2%, and the net income down by 16%. The adjusted EBITDA too fell by 6.4%. Yet, according to him, there was no real adverse impact overall. 

Reeg attributed the lowering of revenue to the comparisons being made with the same quarter in the previous year. The future scenario, however, seems more lucrative as July made good money. He has great expectations for the remaining 3rd quarter. The 4th quarter will witness Formula 1, along with the 1st quarter of 2024 bringing in the Super Bowl. There is also the added revenue from hotel stays for guests. 

According to the President and COO of Caesars Entertainment, Anthony Carano, the company was kept afloat due to its digital arm, which brought in $216 million. He expects the operational activities will continue to be effective, with the Las Vegas side churning out the second-best second-quarter adjusted EBITDA amounting to $512 million. The local portfolio came up with $508 million in adjusted EBITDA. The digital arm was responsible for adjusted EBITDA to the tune of $11 million. In his opinion, the demand in the second quarter was strong. He attributed better revenue to the convention business in 2023. 

Reeg, however, on his part, feels that the third quarter of 2023 will turn out to be more profitable. He is confident that Caesars will overtake the revenue figures attached to the same period in the year gone by.    

Boyd Gaming’s business in Las Vegas is witnessing a downward slide in terms of revenue generation due to the lessening of local participation as well as outsiders. As compared to the same period in the previous year, the figures seem to be extremely discouraging. This accounts for all the verticals, right from gambling to betting and sports betting. However, a bit of sunshine did come through in the second quarter of the year. This was in the arena of online gaming, and a certain amount of compensation in the overall earnings was made possible. In the case of revenues and EBITDAR, there was a visible fall. 

According to the President and CEO of Boyd, Keith Smith, the downward slide began to occur following the latter half of 2022. Las Vegas was hit in April, which saw a steep decline in revenue by up to 90%. A slight surge happened after the covid related restrictions began to get a bit relaxed, letting the crowds slowly trickle in. In all, he seems to be with a positive mindset regarding the southern Nevada space. He is also observing the fact that participation is beginning to grow. 

As per Smith’s calculations, conferences and seminars have seen a downfall of 13%, as compared to the period before the pandemic. In the case of the locals, the second quarter has come with a total earning of $230.9 million, as compared to the same period a year back, which accounted for $236.4 million. A downward slide indeed. Adjusted EBITDAR witnessed $118.3 million, a decline since last year, which was $125.3 million. Where downtown Las Vegas was concerned, the earning was $ 52.9 million, which a year back was $53.8 million. The adjusted EBITDAR downtown had gone down from $22.1 million in the year gone by to this year’s $19.6 million. Overall, the earnings dropped from $534 million to $518 million. 

So far as Boyd’s online section is concerned, it received a positive impact from the earnings made by Fanduels’ business in Ohio and Pennsylvania, along with Boyd Interactive. Good news flowed in from Sky River Casino, situated in northern California. Online earnings went up from $56 million to $85 million. Managed business rose from $12.3 million to $29.1 million. The net income went up from 146.8 million, or $1.33 a share, to $192.5 million and share value of $1.89. The adjusted EBITDAR, however, went down from $353.9 million to $351.4 million.  

In the words of Smith, the second quarter was all about improving the revenue scenario by implementing more effective operating systems, as well as contributions made by the senior management. Loyalty aspects ruled the roost, and expense accounts were handled with greater care. With the company repurchasing $100 million in the form of stocks in the second quarter, Boyd had left roughly $533 million to be repurchased. As of the 30th of June, 2023, the cash in hand of Boyd was $260.8 million, with a total debt amount of $3 billion. 

BC.Game has announced that it is offering four rewarding deposit bonuses to its players. This is an exceptional opportunity for them to earn some cryptocurrencies and add BCD coins to their accounts.

Four deposit bonuses start with the first deposit, where players can claim up to a 270% bonus. This is followed by the second deposit bonus, which rewards up to a 300% bonus. Four bonuses are live at BC.Game, and there is indeed a chance to take a hit at a 360% bonus. However, this comes after the third deposit bonus of 330%. It is only in the fourth deposit bonus that the highest stake enters the picture.

The community of gamers is excited but has several questions that BC.Game needs to answer. For instance, some members are curious to know how long the bonus takes to get credited to the account. Similarly, others query whether the deposits will be matched anywhere near the commitment if they complete the transaction in fiat currency.

Founded in 2017, BC.Game is backed by many gaming software companies, including but not limited to BetSoft, Yggdrasil, and Big Time Gaming. One can explore table games, slot titles, live casino games, and others. The experience is available on desktop and mobile, along with customer support via social media, center support, and email.

Unique features of BC.Game are a wide range of casino titles, VIP programs with benefits and perks, and different payment methods. Cryptocurrencies are accepted at BC.Game are Bitcoin Cash, Cardano, Ethereum, Avalanche, and Solana, among others.

Anyone can register on BC.Game to leverage deposit bonuses on top of the welcome bonus. However, this is subject to the compliance and operational condition of the platform.

Begin by accessing the official website of BC.Game. That is where one would normally know if the platform is accessible or not. Navigate to the sign-up button and click on it to begin the registration process. Sign-up via email address or phone number as per individual preferences. Move on to fill out all the mandatory details and read the terms and conditions. Agree with them to conclude the process.

A verification process may be required to check if the details filled in are correct or not. A phone number and an email address are two examples. Once confirmed, players will be all set to proceed with the engaging experience at BC.Game. More details can be read in our BC.Game review. This is also the basic criteria for them to claim all four deposit match bonuses. It must be noted that promotional bonuses at BC.Game are time-sensitive and can be changed or withdrawn based on conditions.

Crypto Gold, Hands of Anubis, and Vegas Rush are some slot titles worth exploring. Popular games under other titles are Bombay Blackjack, Lightning Roulette, and Free Reelin’ Joker 1000.

Galaxy Entertainment Group of Hong Kong, as well as MGM Resorts International of Las Vegas, are presently considering the options of starting their operations in Thailand as well as the UAE. Incidentally, both of these entities are the absolute top players in the field of iGaming. Their intentions are to set up casino resorts in order to be able to make up for the drawbacks pertaining to their businesses in Macau.

All this while, their operations in Macau were generating extremely encouraging revenues,  but due to some policies being adopted by China, they are compelled to try out fresher pastures. In their collective opinion, Thailand and UAE seem to be the most prospective destinations for shifting their businesses and setting up casino resorts on their soil. Incidentally, the Galaxy Entertainment Group belongs to the billionaire Lui Che-Woo. At the present moment in time, Galaxy Entertainment’s shares in Hong Kong have witnessed an upward rise to the tune of 5.3%. In the case of MGM China, there is an increase of more than 6%. 

On the part of China, its aim is to alienate Macau as far as possible from gambling and make the shift towards pure entertainment. This has stemmed from the fact of incidents related to money laundering, which the country intends to clamp down upon. Of late, there has been an enormous influx of tourists in Macau, but it seems to be slowly waning. Therefore, according to the concerned Chinese authorities, the entire gambling scenario does not look to be very conducive currently. 

The reason for both of the companies eyeing Thailand and UAE stems from the fact that they are aware that gambling being legalized in both countries will be happening in the near future. Accordingly, they feel it is the right time to make their preparations to enter the market. Both of the countries, however, are showing great potential in terms of added tourists pertaining to the rest of the Asian countries. 

In the case of Galaxy Entertainment, the company currently has offices in Thailand as well as UAE. Where MGM is concerned, it has plans to look after an entertainment resort in Dubai and has been instrumental in establishing itself in Thailand. On its own part, Las Vegas Sands Corp has revealed an inclination towards Thailand, according to their Chief Executive Officer, Robert Goldstein. All three entities seem to be doing above-average business presently and have sound financial backing. 

However, all said and done, they all are awaiting events to go in their favor where the legalization of gambling is concerned. It has been reported that both Thailand and UAE are in the process of formulating the legal aspects. In the opinion of the Chief Executive Officer of MGM, Bill Hornbuckle, matters will be resolved in the near future with the situation turning in their favor. For him, this will be the ideal destination for making a shift of base.   

Bally’s Corporation, a local casino operator, gathered the employees of Tropicana Las Vegas and informed them about a temporary closing down of the casino resort. The reason offered was that they were awaiting a grant amounting to $395 million in the form of public financing for a new stadium to be built for the Oakland Athletics MLB team. 

As a part of the understanding, Bally’s Corporation will be using the funds to bring down the Tropicana structure and, in its place, construct a casino hotel having 1,500 rooms on the same premises. The new structure will have the Bally moniker. There will also be a thirty-five thousand seater stadium; The deal has been struck with Gaming and Leisure Properties from whom the land has been leased. GLPI is also putting in the amount of $175 million in exchange for a rent increase. Currently, for remodeling the structure, the company needs approval from Nevada, as well as Clark County and Major League Baseball. 

Where the employees are concerned, the Culinary secretary and treasurer, Ted Pappageroge, sent out a message stating the fact that the Culinary Union members will be covering for the employees and that they will have the option of attaining free job training and their benefits will remain as they are. The union will have their back in every situation. The employees were also notified that Culinary had inked a deal with the Oakland A’s, which will safeguard their rights. 

The initial Tropicana was established in 1957 by Ben Jaffe, who owned the property. To take over the property, Bally’s made a payment of $148 million, through which he also obtained the operating license for running the casino. Before Bally’s took over, the place went by the name of Tiffany of the Strip. 

Wynn Resort has nearly achieved everything in the physical world. It, therefore, finds the urge to make it big in the digital world now. The industry indeed wants such players to fill Web3 with an amazing experience and get more users onboard. Assuming all trademark applications go through, Wynn Resort will surely look to enter the Web3 sphere with metaverse and non-fungible tokens.

According to an announcement made by Mike Kondoudis, the brand has approached the United States Patent & Trademark Officer with an application for six trademarks in the NFT marketplace, a store for virtual goods, virtual casinos, virtual concerts, and virtual clothing – footwear included, to mention a few. Trademark application covers Desert Inn and Wynn. The goal is the best online retail shopping experience with entertainment in the form of virtual concerts.

The application was reportedly received by the USPTO on March 17, 2023. Wynn Resort has plans for the NFT marketplace. Users who enter its marketplace will be able to access an image file that contains digital charms and is backed by a non-fungible token. These can be bought, sold, and traded by users in the form of crypto collectibles.

Metaverse by Wynn Resort will enable users to enjoy the services of the brand, like nightclubs, bars, and other virtual environments.

Wynn Resort is a publicly traded company that marks a major milestone for the Web3 industry. It has been looking to onboard millions of users. Now is the time it can heavily promote the entry of Wynn Resort. People who would otherwise find it difficult to reach the venue would be able to access all its services at their convenience. Wynn Resort is known for its ambiance and customer service. The same goes live on the internet.

More brands are coming up in the metaverse to connect with customers. It also gives them a chance to advertise their products and services without having to reach another location. For instance, Samsung has set up a space in the metaverse where customers can explore its products. Similarly, Wendy’s took a dive into the virtual space by collaborating with events to spread awareness about its hamburgers.

Disney has rather taken a tremendous lead in the metaverse. Reportedly, Disney has acquired a patent for a virtual world simulator in the real world.

Visitors of Disney theme parks will be able to use the application to interact with characters who appear through augmented reality. They will only need to carry their mobile phones to the theme park.

Interactions with AR-generated characters are said to be customizable for different visitors. Interactions will not be the same for everyone, and the experience will, hence, be different for everyone who visits Disney’s theme park.

Wynn Resort joining Web3 through Metaverse and NFT is a great deal for the brand and the industry. Approval of the trademark applications of the resort is awaited.