SBC News Voice of the Sports Betting Industry
Spanish gambling firm Grupo CIRSA has overcome all-round LATAM currency woes to post a successful Q2 2018 trading update, as the company continues its expansion plan under the ownership of Blackstone Capital.
Publishing its latest corporate update, CIRSA governance reports a 3% increase in group revenues to €358 million for Q2 2018.
Despite recording circa €3 million in negative LATAM currency devaluations during the trading period, CIRSA would maintain operating profits of €90 million.
The update sees CIRSA restructure its group auditing, as the company will no longer report on its Argentine casino and arcade assets, which have been divested to the enterprise founding Lao Hernandez family.
During the period, CIRSA continued to expand and revamp its Spanish home market properties, with the company undertaking a successful redesign of its Valencia, Marbella, Gran Canaria and Las Palmas casino locations.
Furthermore, CIRSA Spanish bingo and arcade properties, continue to be supported by the instalment of new Sportium betting-points, which has seen Sportium joint-venture division significantly expand its Spanish market footprint, adding +250 new sales points in Andalucía.
Despite tough LATAM trading conditions, CIRSA governance continues to explore international opportunities, with the company securing access to $1.9 billion debt-note this September.
