Lottomatica-CIRSA €2.8bn merger puts four Moroccan casinos in global spotlight
The proposed deal would bring CIRSA’s Moroccan casino interests into Lottomatica’s expanded international gaming portfolio.
Morocco.- Lottomatica’s proposed €2.8bn merger with CIRSA would fold CIRSA’s interests in four of Morocco’s seven casinos into the enlarged Italian group’s portfolio, expanding its footprint in Africa.
Rome-based Lottomatica is Italy’s leading gaming operator. CIRSA is a Spanish gaming group with interests in casinos, gaming machines, sports betting and online gaming.
CIRSA announced the proposed merger on September 2, 2026, saying it had signed a binding agreement with Lottomatica. The deal would see Lottomatica absorb CIRSA through an EU cross-border merger, with Lottomatica continuing as the surviving company. The announcement was made through a regulatory “Inside Information” disclosure filed in Spain on the same day.
The accompanying press release, “Recommended All-Share Combination of Lottomatica and CIRSA – Creating a Global Gaming Champion,” said the transaction would create the second-largest listed gaming and sports betting operator globally, with pro forma adjusted EBITDA of approximately €2bn, including €101m in run-rate operating cost synergies.
Lottomatica CEO Guglielmo Angelozzi said: “With the combination of Lottomatica and CIRSA, two extremely successful companies, we create the undisputed leader in Italy and Spain.” He added that the deal would provide “more avenues of growth especially in online”.
CIRSA has interests in four of Morocco’s seven casinos, including two in Agadir, one in Tangier and a 50 per cent stake in Grand Casino La Mamounia in Marrakech, acquired in November 2025. CIRSA’s 2025 results said the Marrakech acquisition consolidated its position in Morocco with four of the country’s seven casinos.
Morocco is also included in the combined group’s addressable market, alongside Italy, Spain, Panama, Colombia, Mexico, Peru and Portugal.
Ownership, returns and impact
Under the proposed transaction, CIRSA shareholders would receive 0.668 new Lottomatica shares for each CIRSA share. Following completion, Lottomatica shareholders would own approximately 67.5 per cent of the enlarged company, while CIRSA shareholders would hold 32.5 per cent. Blackstone is expected to hold about 24 per cent.
For Morocco, the immediate impact would be a change in corporate ownership rather than a newly announced Moroccan investment programme. The companies have not announced a specific new Moroccan casino development or Moroccan online betting expansion as part of the transaction.
The merger is expected to generate around €115m in annual pre-tax cash benefits. Separately, Lottomatica said on September 7, that the combined group could generate approximately €200m to €300m in incremental online EBITDA, on a run-rate basis, by the third year after closing.
CIRSA will distribute an extraordinary €262m dividend to its shareholders before completion. The transaction also includes €744m in post-closing capital returns, while the broader plan targets up to €4bn in shareholder returns.
The merger is expected to become effective in Q2 2027, subject to shareholder approvals, regulatory clearances and other conditions.
