Genting helps fintech firm acquire casino tech biz JOINGO
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Malaysia’s Genting group is among investors that raised US$100 million for financial technology (fintech) firm Sightline Payments LLC, for tasks including the latter acquiring casino mobile application developer JOINGO LLC, according to a press release from Sightline Payments.
The suitor firm and the target are both Las Vegas, Nevada-based companies in the United States.
Sightline Payments is a specialist in digital payment technology for the sports betting and casino markets, as well as for the entertainment and hospitality industries. JOINGO is said to supply mobile digital technology to more than 100 casino operators across North America.
A unit of Malaysian conglomerate Genting Bhd is due to open on June 24 Resorts World Las Vegas, a new US$4.3-billion casino resort in the Nevada gaming hub. A report from U.S.-based analyst David Bain said recently that fintech supplied by Everi Holdings Ltd would feature at the new gaming resort.
The acquisition of JOINGO by Sightline Payments would enable the latter to “offer casino customers a turn key cashless gaming solution as well as a broader suite of products to help North American casinos enhance loyalty and personalisation for customers,” and increase visitor volume and customer-loyalty at properties, said Wednesday’s press release from Sightline Payments.
It also mentioned that on April 1 the firm had announced completion of the US$100-million funding round.
Aside from Genting group, the funding round backers included Cannae Holdings Inc, Point Break Capital Management LLC, Searchlight Capital Partners LP, Shift4 Ventures, professional investor Walter Kortschak, and Hong Kong-based Vectr Ventures.
The acquisition of JOINGO “positions Sightline to provide a more robust digital payments experience in casinos,” Joe Pappano, chief executive of Sightline Payments, was cited as saying in the press release.
