CIRSA to take over running of Morocco’s Tanger Casino
The Blackstone-owned Spanish casino operator will become the exclusive operator of the Casino de Tanger.
Morocco.- Spain’s Grupo CIRSA has announced that it will be the exclusive operator of the Casino de Tanger in Morocco. Approved by the municipality of Tanger-Tetouan, CIRSA will take over the management of the 2,000m2 hotel and casino.
Barcelona-based CIRSA already runs two casinos in Morocco, in Agadir on the southwest coast. They are now open again following Covid-19 lockdowns. CIRSA says that with the addition in the northern port city of Tangier it will now be Morocco’s largest casino operator.
Morocco allows up to seven casino contracts, which much all be operated within a hotel and entertainment venue. CIRSA says it plans to continue to expand internationally. It currently has 150 venues, mainly in Spain and South America.
The company reported better than expected results in H1, with a return to profit in H1 for the first time since its acquisition by Blackstone in 2018. Corporate profits came in at €14m. Revenue was up 93 per cent at €778m while EBITDA hit €250m.
Last month, the board of Grupo CIRSA announced that it had split the company’s CEO and chairman roles. Joaquim Agut, who has served in both roles since the investment company Blackstone bought the group, is now chairman while Antonio Hostench has been named as CEO.
As executive chairman, Agut will lead CIRSA’s corporate governance, leadership remuneration and appointment committees. Hostench, who has been promoted to CEO from the role of president of CIRSA’s Sportium sportsbook brand, will oversee the company’s growth strategy and management of executive leadership team.
