The world of bitcoin and cryptocurrency is quickly expanding, with many businesses taking a stake in the growing digital infrastructure. From record labels to musicians, several are attempting to get in on the newfound financial gains. Now local dining, hospitality, and entertainment corporation Landry's is throwing their hat into the ring. Landry's, helmed by Tillman J. Fertitta and known for restaurants like Saltgrass Steak House, The Oceanaire, Bubba Gump Shrimp Co., and Rainforest Cafe will now offer a bitcoin loyalty program.
Last week, Landry's announced a new partnership with NYDIG, a leading bitcoin company, to power a bitcoin loyalty rewards program for the millions of customers in Landry's loyalty program, Landry's Select Club. According to a release, the partnership will allow members to earn bitcoin points when dining at any of its 500 locations nationwide.
The news follows another recent announcement as the hospitality group shared that they now accept payments made in Bitcoin and Bitcoin Cash at select locations.
"Hospitality is the core of what we do, and offering great new options is an essential component of hospitality. We view bitcoin as a good choice for a portion of our own treasury, so we want to offer that choice to our customers as well," said Trey Zeluff, Director of Digital Asset Strategy at Landry’s. "We’re proud to pioneer this concept for the hospitality industry in partnership with NYDIG."
The new venture marks the first bitcoin program in the hospitality industry and will be powered by NYDIG's secure, regulated, full-stack platform. The rewards program process is made simple for Landry’s Select Club members. Those currently part of the program receive one point back for every $1 spent, with 250 points translating to a $25 reward. With bitcoin at play, customers can receive points that "track the value of bitcoin and can be redeemed in $25 reward increments based on the market price of bitcoin at the time they redeem. "
Also included in the partnership, is a bitcoin investment from Landry's through NYDIG’s "institutional-grade custody solution." Landry's will hold a portion of its treasury reserves in bitcoin through NYDIG. While the partnership marks new innovation for both parties, it serves as an extension of an existing relationship between NYDIG and Tilman J. Fertitta, following the launch of bitcoin-backed loans at his Houston-based luxury automobile dealership, Post Oak Motor Cars.
Patrick Sells, Chief Innovation Officer at NYDIG expressed his excitement to partner with the Fertitta family once again to bring the concept to fruition. "Fundamentally, this partnership represents a huge milestone towards making Bitcoin more accessible to all and allows for everyone to benefit from this asset class in more ways."
Houston, a city home to award-winning chefs, will now be able to add innovation to the list. The new program positions Houston as one of the leaders in modernization, with new automation that allows for its residents to take a stake in the latest form of financial exchange.
A press release notes that the new loyalty program will begin "soon," with no set release date.
Those interested in earning rewards can enroll in the program online, at http://www.landrysselect.com.