Spanish gambling operator Grupo Cirsa SA, has recorded a profit of €106.8 million in the first quarter of 2018, despite its corporate performance being impacted by the depreciation of South American currencies against the euro.
Operating income was €423.5 million and the group managed a small operating profit despite a €16.1 million hit on currency devaluation against the euro.
The company showed revenue growth in all of the countries in which it operates, including in 23 new casinos acquired in mid 2017 in Peru, Panama, Colombia and Costa Rica. The Spanish AWP business also showed improved revenues, helped by a successful machine, Perla del Caribe deluxe, and from revenues derived from smaller local operators acquired in the year.
Cirsa has 147 casinos, operates more than 75,000 machines, 70 bingo halls, 178 arcades and 2000 sports betting points.
Moving forward, Cirsa will now operate under the ownership of US private equity firm Blackstone Capital, who this April completed a reported €2 billion acquisition for the Spanish gambling enterprise.
Under the terms of the deal, Cirsa’s Argentine arcade and casino properties will continue to be operated by the Lao Hernandez family.
Updating corporate stakeholders on its current financial position, Cirsa governance details that it has active cash balance of €180 million, combined with an available credit facility of €75 million.