Blackstone’s CIRSA reports record operating profits for 2024
The Spanish gambling operator saw revenue rise by 8 per cent year-on-year.
Spain.- The Blackstone-owned Spanish gambling operator CIRSA has reported record full-year operating profits for a third consecutive year. Operating profit came in at €699m for full-year 2024. Revenue was up by 8 per cent to €2.2bn.
The company, which was bought by Blackstone in 2018, saw a particularly strong final quarter of the year with operating revenue up by 13.7 per cent to €586m and operating profit up 17.3 per cent to €191m.
Highlights of the year included continued expansion in Latin America, where CIRSA made improvements to casinos in Colombia, Mexico and Panama, and gained a major presence in Peru by acquiring the country’s biggest sports betting operator, Apuesta Total, in September.
Meanwhile, in Spain, the games machines network picked up new clients, strengthening its position as the main game supplier for Spanish hospitality venues.
CIRSA executive chairman Joaquim Agut said: “Our results reflect a clear strategy—focusing on markets and business areas where we lead. Beyond financial performance, we drive economic growth in the communities we serve. Our commitment to excellence and sustainable growth creates long-term value for employees, customers and partners.”
Blackstone continues to evaluate a possible IPO for CIRSA. In November, it brought in Lazard, Barclays, Deutsche Bank and Morgan Stanley to lead capital investment. It’s believed that rather than sell its entire stake, Blackstone now intends to list up to 25 per cent of the company’s shares on the Madrid Stock Exchange in a bid to raise between €750m and €1bn. Now would appear to be a favourable moment for such a move given Spain’s economic growth.
Blackstone bought CIRSA from its founder Manuel Lao Hernandez for €2bn in 2018. The private equity group carried out a complete restructuring of the operator, which has seen it beat market expectations since the end of the Covid-19 pandemic. In January, CIRSA has announced the completion of its acquisition of the Portuguese online gaming and sports betting operator CasinoPortugal (CasinoPortugal.pt), one of the main players in the Portuguese market.
