23.02.2024

by Mateusz Mazur

CIRSA Reports Strong Performance in 2023

CIRSA, a leading global gaming and entertainment company and Spain’s pioneer in the sector, has announced a robust performance for 2023, with operating revenues reaching €1,991 million and an operating profit of €630 million.

This achievement marks a significant 14.1% increase in operating profit compared to 2022, showcasing the company’s resilience and strategic agility in a challenging economic environment marked by rising costs and geopolitical uncertainties.

Quarterly and Annual Growth Highlights

The company’s favorable progression was evident quarter after quarter, with the fourth quarter alone generating operating revenues of €515 million, up 7.7% from Q4 2022, and an operating profit of €163 million, a 5.5% increase from the same period last year.

CIRSA’s return to pre-pandemic activity levels in 2022, fully consolidated in 2023, along with the effective implementation of business, efficiency, and productivity plans, contributed significantly to improved results across all business areas.

Strategic Focus and Market Leadership

Joaquim Agut, Executive Chairman of the CIRSA Group, attributed the company’s success to the disciplined execution of its strategic plan. “The favourable evolution of our results is a consequence of the disciplined execution of our strategic plan, focusing on the businesses and geographies where we operate with leadership positions.”

“Maintaining CIRSA’s leadership and continuing to be a reliable, responsible, and trust-generating company is based on in-depth knowledge of our business and our clients, as well as managing our operations efficiently. Thanks to this, we continue to contribute at the economic, social and environmental levels in the 9 countries where we are present”.

Sustainability Recognition and Business Highlights

CIRSA’s commitment to sustainability was recognized by Sustainalytics, placing the group in the top 3 companies in the gaming sector and top 10 in the “Consumer Services” category worldwide. The Casino division’s positive results were attributed to improved performance in all countries of presence, with new casinos added in Mexico and Panama and the full consolidation of the Tangier casino acquired in 2022.

The Slot Machines division in Spain and Italy showed remarkable performance, with Spain consolidating the best quarter in recent years and Italy experiencing a slight slowdown offset by strategic acquisitions. The Online Gaming and Betting division ended the year with excellent results, highlighting double-digit growth in Spain and a 50% revenue increase in Mexico, where the local brand migrated to Sportium and launched a sponsorship agreement with América’s Kings League.

Our Comment on CIRSA’s 2023 Performance

CIRSA’s strong performance in 2023, despite the challenging economic landscape, is a testament to the company’s strategic foresight, operational efficiency, and commitment to sustainability.

The company’s ability to adapt and thrive in diverse markets, coupled with its focus on innovation and customer satisfaction, positions CIRSA for continued success and growth. As the gaming and entertainment industry evolves, CIRSA’s leadership and strategic initiatives will undoubtedly play a pivotal role in shaping the future of the sector.

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