CIRSA Reports Record $734.4M Profit Amid Expansion

Key Takeaways
CIRSA, one of Spain’s leading gaming companies, achieved a record profit of $734.4 million in 2024. This marks the third consecutive year of growth. Revenue increased by 8% compared to the previous year, reaching $2.26 billion. The fourth quarter was particularly strong, with a 13.7% rise in revenue and a 17.3% increase in operating profit.
Expansion in Latin America as a Growth Driver
A key factor in this success was the targeted expansion in Latin America. CIRSA strengthened its presence in Mexico, Colombia, and Panama. Additionally, the company secured a majority stake in Apuesta Total, a leading sports betting provider in Peru.
CIRSA also remained profitable in Spain through its extensive network of slot machines. Its strong market position in its home country contributed to the overall positive development.
Strategic Focus as a Success Factor
Joaquim Agut, Executive Chairman of CIRSA, emphasized the importance of a clear corporate strategy. “Our results reflect our focus on markets and business segments where we are leaders,” he stated. He also highlighted the company’s economic contributions: “Beyond financial success, we drive growth in the regions where we operate.”
Blackstone Evaluates Capital Market Options
Blackstone, CIRSA’s owner since 2018, is considering various financing options. In November, the investor engaged banks such as Lazard, Barclays, Deutsche Bank, and Morgan Stanley to explore potential capital measures.
One option is an initial public offering (IPO) in Madrid, where 20% to 25% of CIRSA’s shares could be sold. This could generate between $788 million and $1.05 billion. Alternatively, a full sale of the company for an estimated $5.25 billion is also under consideration.
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Our Assessment
CIRSA continues its growth trajectory. The expansion in Latin America and its strong market position in Spain have significantly contributed to its record results. If Blackstone opts for a stock market listing, the current economic conditions in Spain could be favorable. The coming months will reveal which path the company chooses.