Cirsa reports 73.3% drop in operating profit

The Spanish gaming operator reported operating profit of €126m and a net loss of €254.6m.

Spain.- The gaming operator Cirsa has reported a net loss of €254.6m for its full-year 2020 as closures of land-based gaming outlets due to Covid-19 hit revenue.

Operating profit came in at €126m, down 73.3 per cent from €842m in 2019. Operating revenue fell to €842m, down from €1.64bn in 2019.

The fourth quarter saw operating revenue of €211m, down from €537.6m in the same period in 2019, and operating profit of €51m.

The year had begun with a strong start, with revenue up by 28 per cent year-on-year in January and February before the Covid-19 pandemic hit land-based revenues from March onwards.

Bingo and casino operations were hit particularly hard during a year that saw the number of productive hours fall by 45 per cent due to pandemic-related retail closures in different markets

However, Cirsa said it managed to mitigate the impact on revenue and recover its customer base through its “Secure Gaming” plan. 

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Slots also suffered but Cirsa said its subsidiary UNIDESA B2B’s Manhattan and Pharaoh’s Gold games had become the best performing slots in the market.

The Spanish retail betting subsidiary Sportium saw a good level of activity, particularly thanks to its digital channel, Cirsa said.