Grupo CIRSA Increases EBITDA Forecast Amid Revenue Growth and Strategic Acquisitions

Revenue Surpasses $1 Billion in H1

In the first half of the year, Grupo CIRSA’s revenue exceeded the $1bn mark, signaling robust growth across key business segments. Casino revenue saw a 6 per cent increase, reaching €478m, while revenue from Spanish slots rose by 4 per cent to €208m.

This growth was attributed, in part, to a new customer relationship management (CRM) strategy introduced for casino patrons and enhancements in the company’s commercial model for slot distribution in Spain. These operational changes have bolstered CIRSA’s ability to capture revenue and increase customer engagement.

Decline in Betting Revenue and Plans for South American Expansion

Despite overall strong results, CIRSA’s betting division experienced a 3.4 per cent decline in revenue, even with the Euro 2024 event providing additional opportunities for wagering. However, the company remains optimistic about reviving its betting revenue, particularly through expansion into South America.

CIRSA’s imminent acquisition of a 70 per cent stake in Apuesta Total, a leading Peruvian online sports betting operator, is expected to play a pivotal role in this recovery. Apuesta Total recorded over €100m in gross gaming revenue in 2023, making it a key asset for CIRSA’s South American strategy.

In addition to its growth initiatives, CIRSA continues to focus on financial stability by reducing its corporate debt, which currently stands at €2.5bn. The company also reiterated that an initial public offering (IPO) remains an option but emphasized that the timing of such a move will be determined by market conditions to ensure an optimal valuation.