Spain -based gaming giant Cirsa is on track to close out 2022 on a high note. In the third quarter, its net profit was €23.7 million (US$24.57 million), a substantial improvement over its €34.4 million (US$35.66 million) loss a year ago. Cirsa-owned Cirsa Valencia casino in Valencia, Spain at night. The casino operator is producing solid results this year, which will fuel expansion plans. (Image: Cirsa) Cirsa’s latest financial report shows that it earned €37.8 million (US$39.18 million) between January and September of this year. Its EBITDA (earnings before interest, taxes, depreciation, and amortization) was €397.8 million (US$412.4 million), 89.2% more than a year ago.
Across the first three quarters, the Blackstone Group-controlled multinational gaming operator raised its operating income by 68.5%, reaching €1.24 billion (US$1.28 billion). As a result, it’s ready to forge new alliances and find new expansion targets for 2023. Overcoming Adversity
The Casino Marbella owner attributed the improvement in results to “a good implementation of the operating plans by the different business units, in an environment of macroeconomic and geopolitical adversity.”
For the first time since prior to the start of the COVID-19 pandemic, the company has improved all business segments. This follows the reopening of the Moroccan gaming market and the lifting of restrictions in Mexico.
The increase also comes in spite of Russia’s illegal invasion of Ukraine and inflation in Europe. Cirsa highlighted that neither the war nor the changes in the cost of living in Europe impacted its operations in Latin America or Morocco. Both of those regions enjoyed solid increases in the quarter, while Europe continues to show promise, albeit at a slower pace.
All of Cirsa’s business segments have already recovered to pre-COVID-19 levels in terms of EBITDA generation. In addition, the online gaming sector, where its sports betting subsidiary Sportium stands out, accounts for 14.3% of turnover. In the second quarter, the sportsbook was only good for 8.8% of the company’s turnover.
Cirsa’s casino division saw huge gains as a result of the post-COVID-19 recovery efforts and an increase in traffic. Along the same lines, the bingo division continued to improve through […]
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