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Spain – Cirsa’s profits rise amidst rumour of major shake-up

By - 27 November 2017

Spanish operator Cirsa has reported an operating profit increase of 7.5 per cent in the first 9 months of 2017 over the same period last year reaching €320.4m.

In the third quarter operating profit reached €108.2m, the highest result achieved by the company in a single quarter, improving by 7.0 per when compared to July to September 2016. Revenues generated by the company during the first nine months of 2017 reached € 1,281.6m, with year-on-year growth of 7.7 per cent. In a statement, Cirsa emphasised that with these figures it had consolidated its continued run of growth, which has already reached 45 consecutive quarters.

“The improvement and compliance with commitments to international markets has been based on the correct execution of the different plans provided by the company,” explained the Spanish company in a statement. From its activity during the third quarter, Cirsa highlighted amongst other elements the growth it had made in the casino sector.

The statement went onto say that: “The casinos division has continued its growth thanks to the good performance of revenues in the markets where it operates. Despite the unfavourable exchange rate of the Latin American currencies against the dollar, the division has improved its operating profit.”
The company also pointed to the recent acquisition of 17 Novomatic gaming halls in Peru as well as the recent opening of a new gaming hall in Colombia, the incorporation of a new casino in the Costa Rican city of Puntarenas and another in the Panamanian town of Villa Zaita, as well as the modernisation and extension of the Broadway 63 casino in Bogota.

Meanwhile in Spain, its slots division continued with its policy of updating its slot parlour network and continued its upward trend of revenue growth. At the same time, its sports betting brand Sportium had shown a significant improvement in performance per point of sale compared to the same period last year. It had also continued to expand its distribution network with new points of sale in all of the Autonomous Communities where it operates, having now exceeded 2,200 nationwide thus maintaining its leadership in this category. Its bingo division in Spain had also reported strong results.

The news comes at a time amidst reports that the company could soon see major changes. According to Bloomberg the owner Manuel Lao Hernandez, is looking at options including an initial public offering or the sale of a minority stake due to growing interest from investors. The company could even be sold or could be merged according to unnamed sources in the Bloomberg report.

Cirsa Gaming Corporation is one of the world leaders in gaming and the leading Spanish company in the sector. It has 17,000 employees. Its operates 134 casinos, more than 41,500 slot machines, 68 bingo halls, 171 gaming rooms, 2,000 sports betting sites, 3,125 lottery terminals and 2,578 video lottery terminals in Spain, Italy and Latin America. It also operates online gambling activity in Spain, Mexico and Panama.

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