• Planet Hollywood theater in Las Vegas is being renamed as the Bakkt Theater following a partnership formed between Bakkt Holdings and Caesars Entertainment.
• Caesars Rewards members will be able to redeem credits through Bakkt Crypto Rewards, which will give them digital currency units instead of fiat currency.
• Bakkt has been around for four years but has not had the impact many thought it would have due to its delayed entry into the crypto forum and lack of use.
Planet Hollywood Theater Renamed After Crypto Platform Bakkt
New Partnership Between Bakkt and Caesars Entertainment
The concert venue at Planet Hollywood in Las Vegas, Nevada has long been known as the Zappos Theater. Now, however, it appears the Planet Hollywood theater is going to have a new name: the Bakkt Theater. This move comes after a new partnership was formed between Bakkt Holdings and Caesars Entertainment, which owns Planet Hollywood.
Rewards Redeemed Through Bakkt Crypto
As part of this new partnership, all Caesars Rewards members will be able to redeem credits through Bakkt Crypto Rewards. This means they can garner digital currency units in lieu of fiat currency, and they will be able to utilize these digital currency rewards at participating retailers. Jason Gastwirth, president of Caesars, explained that “Bakkt recognizes the unique destination we’ve created at Planet Hollywood” and that they are “excited to have them join us in the venue’s next chapter.“
Bakkt’s Mixed History
Bakkt has had something of a mixed history given it’s been around for close to four years now but hasn’t had the impact so many thought it would have when it was initially announced late 2018. The idea was that many participating companies would allow users to spend hard-earned crypto rewards on items and services; however, little use was recorded during that time and assets like bitcoin suffered heavily because of it.
Trying To Redeem Itself?
During 2021 though things started looking up for Bakkt as more people began utilizing its services and transactions climbed significantly higher than ever before. The company also launched its first consumer app earlier this year which made spending crypto much easier than ever before as well as introducing other features such as gift cards with major retail outlets like Starbucks and Amazon. It remains unclear if these efforts will be enough for BAKKT to really take off but only time will tell!