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Landry's To Roll Out Bitcoin Loyalty Rewards Program On Restaurant Spends

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Hospitality company Landry's, owned by American billionaire businessman and television personality Tilman Fertitta, is set to roll out a bitcoin loyalty rewards program for the millions of members of the Landry's loyalty program - Landry's Select Club.

Under a partnership with crypto firm New York Digital Investment Group LLC or NYDIG, the company will offer an option to Landry's Select Club members to earn bitcoin points when dining at any of its 500 locations across the U.S.

This is claimed to be the first bitcoin program in the hospitality industry. The Landry's Select Club program currently offers one point back for every $1 spent, with 250 points translating to a $25 reward.

All current Landry's Select Club members can now opt into the new bitcoin loyalty program to 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.

This option will also enable Landry's Select Club members to reap the potential benefit of realizing better buying power for the accumulated points based on bitcoin's appreciation over time.

However, all bitcoin loyalty points can only be redeemed for Landry's Select Club rewards and will not be transferrable outside of the Landry's Select Club.

"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," said Patrick Sells, Chief Innovation Officer at NYDIG.

To run the program successfully, Landry's will invest in bitcoin through NYDIG's institutional-grade custody solution. Landry's have also decided to hold a portion of its treasury reserves in bitcoin through NYDIG.

Landry's restaurants include more than 60 award-winning brands ranging from casual dining at Saltgrass Steak House, Bubba Gump Shrimp Co. and Rainforest Cafe to the fabulous waterfront locations of Chart House and the unique Aquarium Restaurants. They also have fine dining options such as Morton's The Steakhouse, Del Frisco's Double Eagle Steakhouse, and The Oceanaire Seafood Room.

Two weeks ago, Fertitta-owned automobile dealership Post Oak Motor Cars also inked a deal with NYDIG to launch bitcoin-backed loans to enable customers to buy luxury vehicles.

Earlier in April, Landry's showed initial signs of interest in the cryptocurrency when it began accepting Bitcoin as a form of payment option at most of its restaurants.

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