Blackstone, the private equity giant, is set to disrupt Spain’s gambling market by listing CIRSA SA on the Bolsa Madrid exchange in early 2025.
According to the Spanish business outlet Expansión, Blackstone has mobilised several banks to support CIRSA’s IPO in Madrid.
Speculation about Blackstone’s plans for CIRSA has been ongoing since 2022, when the Spanish gambling company rebounded to profitability after the COVID-19 pandemic.
Blackstone has owned CIRSA since 2018, having acquired the business from its founder, Manuel Lao Hernandez, for €2 billion. The acquisition was part of Blackstone’s strategy to expand its European gambling portfolio.
Since a corporate reorganization in 2022, CIRSA has exceeded market expectations. For 2024, it is on track to achieve net revenues exceeding €2 billion, an EBITDA of €680–710 million, and a leverage ratio of 3.7x–3.9x.
Reports indicate Blackstone plans to list 20–25% of CIRSA’s shares on the Bolsa Madrid, aiming to raise €700 million to €1 billion. This approach marks a shift from the earlier idea of a full IPO.
Lazard has been named financial advisor for the IPO, while Barclays, Deutsche Bank, and Morgan Stanley will handle global capital markets.
CIRSA operates over 30,000 gambling machines across recreational and hospitality venues in Spain, along with 40 bingo halls, six casinos, and 237 arcades.
Internationally, CIRSA expanded into Peru this year by acquiring a 70% stake in Apuesta Total. This deal made CIRSA Peru’s largest gambling operator, adding 500 betting points and an online sportsbook to its existing portfolio of 19 casinos and 3,200 slot machines.
