Las Vegas Gentleman’s Club Restarts ICO

FinTech, ICO News, Investing, News | April 24, 2017 By:

A Las Vegas gentleman’s club is again trying to raise money through an initial coin offering after a failed first attempt.

Bittrex digital currency exchange is hosting the Legends Room Crowdfund Campaign. The Legends Room is a cabaret that has public and private membership rooms. The private membership can be purchased using digital currency obtained during the ICO.

The ICO presale is now running through May 15 at 11 p.m. Pacific time. The ICO originally started its token sale on April 18. However, that sale was canceled because the backers claimed an underlying deal to purchase a Las Vegas club fell through.

Since then, the Legends Room has found a new location and launched a token sale on Bittrex. The token offering has raised c.$0.6m so far. The ICO size has been increased from $15m targeted initially to $30m. Bittrex will host 30,000,000 LGD tokens that represent 6000 memberships to the Legends Room.

Once the crowdfund is over, Bittrex will verify a working wallet, blockchain and block explorer. It will then release the funds on or before May 18 and open the market for trading within one week of that release. No trading is allowed until the presale has ended and escrow is released.

The club was founded by Nick Blomgren,  a mixed martial arts events producer. His partners in the ventures are Stephan Bonnar, an Ultimate Fighting Champion, and Phil Baroni, who will allegedly hold court with members on a nightly basis.

 The ICO pitch claims members “enjoy an unparalleled experience in both service, entertainment, and potential liquidity. From Manhattan to Ibiza, our members will not find a more rewarding cabaret experience.”

The Legends Room app is similar to a digital wallet or airline boarding pass to show for entry. Digital tokens may also be used in the main room by nonmembers for club services except gaming. Dollars to tip the dancers are also available with digital currency, but the Legends Room also accepts cash and credit cards for all transactions including the purchase of memberships. Each Legend Token is a fractional piece of Legends Room membership. 5000 tokens are required to use a membership, and gains entrance to the Legends Room club, plus a 50% discount for all club services except gaming. You can also spend tokens within the club for an additional 20% discount without a full membership.