Grupo CIRSA ups forecast as it prepares to take majority ownership of Apuesta Total
The gambling group’s H1 revenue surpassed $1bn.
Spain.- Grupo CIRSA has upped its full-year EBITDA forecast to €680-€710m after strong H1 results. Its new target leverage ratio is between 3.7x and 3.9x.
Revenue for the first half surpassed $1bn, with casino revenue up 6 per cent at €478m and Spanish slots revenue up by 4 per cent at €208m. The operator noted that it had introduced a new CRM strategy for casino customers and had improved the commercial model for its slot distribution business in Spain.
Betting revenue was down by 3.4 per cent despite Euro 2024, but the group said its imminent acquisition of a 70 per cent stake in the Peruvian online sports betting operator Apuesta Total would revive its betting revenue in South America. Apuesta Total registered more than €100m in gross gaming revenue in 2023.
The group said that the option of an IPO remains on the table but will “depend on market conditions to ensure an optimal valuation of the company”. It continues to focus on lowering corporate debt, currently at €2.5bn.
