https://www.reviewjournal.com/business/new-gentlemens-club-hopes-virtual-currency-will-set-it-apart/Mixed martial arts trainer Nick Blomgren is readying to battle his former employer, Cheetahs, on its own turf.
Blomgren, known as One Kick Nick, will open a new gentlemen’s club next month called Legends Room off the Strip.
The Las Vegas native, who has spent more than 20 years in the industry, is hoping a new marketing weapon — a virtual currency — will help him wrestle tech- and investment-savvy clients away from the strip club giants.
Blomgren and partners are selling club memberships for $5,000 that can be bought with bitcoin as well with cash and credit cards. Members in return will receive 5,000 LGD, a virtual currency created by Legends Room, that can be used to pay for lap dances and drinks.
Membership allows entry to a VIP room featuring adult entertainment and Ultimate Fighting Championship stars. Nonmembers will be required to purchase at least one token to enter the VIP room, which Blomgren hopes will create a market for the LGD virtual currency.
Members and other token holders will be able to sell their LGD for bitcoin on the Bittrex cryptocurrency exchange or for cash through the club’s concierge to those seeking access to the VIP room. Bitcoin and LGD are just two of many virtual currencies.
The daily price of LGD and bitcoin will be shown on club video monitors. Investors hanging out at Legends Room during trading hours will also be able to check the latest stock and bond prices on the club’s Bloomberg terminal.
Legends Room has been receiving calls from attendees of Money 20/20, a conference that focuses on payments and financial services innovation, according to Peter Klamka, who created LGD and manages virtual currency transactions for Legends Room. Money 20/20, which will be held in Las Vegas in October, attracts about 11,000 people.
The use of the virtual currency will help avoid embarrassing situations for patrons, said Blomgren, who has seen it all over the years as a bouncer, security manager and then general manager at Las Vegas clubs. He first entered the industry in 1985, later joining Cheetahs in 1993, then Paradise Club and Scores.
“Sometimes guys come in and spend $10,000 on a credit card. When they realize what they did the next day, they try to get charge backs so that their wives don’t know,” he said.
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