SBC News Voice of the Sports Betting Industry
CIRSA has declared 2024 its “best year in business”, achieving a record €699 million in operating profits. This marks the third consecutive year of record-breaking performance since Blackstone acquired the company in 2018.
Revenue rose 8% year-on-year, reaching €2.15bn, compared to €1.98bn in 2023. The company ended the year strong, posting €586m in Q4 operating revenues (+13.7%) and €191m in operating profit (+17.3%).
2024 was deemed as a year of “strategic and efficient” expansion for CIRSA’s business in South America. Key directives saw CIRSA upgrade casino facilities in the markets of Mexico, Colombia and Panama.
The group’s South American expansion was bolstered by CIRSA becoming the majority owner of Apuesta Total, Peru’s biggest sportsbook operator, a deal brokered in H2
In its home market of Spain, CIRSA registered improved returns from new and existing clients of gaming machines distribution network, which is maintains its dominant position as the largest games supplier to for the Spanish hospitality sector.
Executive Chairman Joaquim Agut credited the company’s growth to strategic focus and disciplined execution: “Our results reflect a clear strategy—focusing on markets and business areas where we lead.”
He added:“Beyond financial performance, we drive economic growth in the communities we serve. Our commitment to excellence and sustainable growth creates long-term value for employees, customers, and partners.”
2025 proceedings see analysts are closely track Blackstone’s strategy regarding CIRSA’s ownership, as Spanish markets await the PE fund’s decision, which has been evolving as an “ongoing development”.
In November, the PE giant has enlisted Lazard, Barclays, Deutsche Bank, and Morgan Stanley to lead capital investment for a potential IPO. Latest speculation cited Blackstone’s plans to list 20%-25% of CIRSA’s shares on the Bolsa Madrid, aiming to raise between €750m and €1bn. Earlier speculation suggested it might sell its entire stake for €5bn.
Blackstone’s intentions have been a topic of discussion since 2022, with many believing the firm was waiting for a stronger economic climate in Spain. With Spain leading Eurozone recovery in 2024, market conditions now appear favourable for an IPO.
