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Spain – Cirsa profits up by 8.5 per cent

By - 27 May 2016

Spanish operator CIRSA has reported that it increased operating profit by 8.5 per cent in the first quarter of this year compared to the same period in 2015 with operating profit reaching €98.5m.

During the first quarter the company invoiced a total of €389m – 1.5 per cent more than it did in 2015. Cirsa said it had reached “its profitability goals” despite devaluations of the currencies against the Euro in Latin America especially in Argentina and Colombia.

However, strong performances in these markets had partially mitigated the impact of the devaluation of the Argentine peso (down 69.2 per cent) and the Colombian peso (down 27.3 per cent).
The company reported that it had achieved “significant growth” in Latin America, especially in Argentina and Colombia, where it highlighted the opening of a new casino The Casino Hollywood in Medellín. It also reported continued improved performance in Spain while recent acquisitions in Costa Rica and Morocco had also contributed positively to the company’s growth.

In Spain the operation of its slot division continued its upward trend of revenue growth, which has been helped by regulatory changes in some regions and the improved performance of its new multi game products the company said. It was also seeing the benefits of the reforms of its slot parlours as it implements the Toka brand concept in its slot division and highlighted the addition of four new slot parlours. Meanwhile, its bingos division also continued to grow while the company also reported an increase in sports betting via its Sportium sports betting shops especially in the regions of Catalonia and Extremadura.

In 2015 Cirsa reported operating income in 2015 of €1,853m, up 16.5 per cent, with profits of €380m, 15.8 per cent more than the previous year. 2015 brought the number of consecutive quarters of growth to 38 for the company, which now runs 133 casinos with more than 40,000 slots, 71 bingo halls and 162 slot halls with 3,125 VLTs.

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