Genting Malaysia invests in digital technology company
Genting Malaysia was behind a round of funding for financial technology company Sightline Payments, which has recently acquired casino mobile application developer Joingo LLC.
Malaysia.- Genting Malaysia is involved in a group of investors that raised US$100m for Sightline Payments LLC, a company involved in developing digital payment technology for sports betting and casino markets.
Sightline Payments has recently acquired Joingo LLC a company that has a patented mobile loyalty platform that enables casino brands to reach their customers with interactive and personalised mobile marketing campaigns.
According to a press release from Sightline Payments, the acquisition will enable the company to “offer casino customers a turn-key cashless gaming solution.”
Genting Malaysia has recently shared financial results for the first quarter of 2021, showing revenue declined 68 per cent year-on-year, from MYR1.96bn to MYR623.3m (US$150.5m).
Revenue was also 40 per cent down when compared to the previous quarter.
Genting Malaysia registered losses attributable to shareholders of MYR483.6m (US$116.7m), while last year it reported a loss of MYR418m.
The company suffered a huge drop in revenue from its leisure and hospitality business in Malaysia – down 76 per cent to MYR299m (US$72m) – while in the UK and Egypt, revenue declined by 89 per cent to MYR40.2m (US$10m).
The company is also planning to launch its new US$4.3bn casino resort in the US on June 24.
