SBC News Voice of the Sports Betting Industry
Grupo CIRSA has delayed its long-awaited IPO once more, as private equity owner Blackstone waits for calm to return to global markets.
Blackstone was expected to list approximately €1bn of CIRSA shares on the Madrid Bolsa in April. However, the PE fund is reported to have blocked CIRSA’s Madrid debut due to global market uncertainties.
Though unconfirmed by Blackstone, Spanish business news source Expansión reports that Blackstone will move CIRSA’s public offering to a post-Easter period, most likely in H2, depending on favourable market conditions.
February and March have led to a downturn across all major stock markets due to President Trump imposing trade tariffs on Canada, China, and Mexico—25% on all goods and 10% on energy exports.
Yesterday, the Trump administration extended tariffs on steel and aluminum exports from the EU. In response, the trade bloc announced plans to apply €26bn in U.S. countermeasures, set to come into force by April 1.
With fears rising of an all-out tariff war, the S&P 500 has witnessed a nearly 8% decline in share performance, wiping out $4 trillion in market value.
Anxieties have spread to the Madrid IBEX 35, which has recorded consecutive days of downward closures, indexing at a decline of 2% to 3%, as Spain’s biggest PLCs face rising tariff-related costs impacting their value chains.
Conditions are highly unfavorable for Grupo CIRSA and its portfolio of casinos, arcades, and betting shops operating in Spain and the South American markets of Colombia, Mexico, Peru, and Costa Rica.
At the beginning of 2025, CIRSA’s IPO was viewed with certainty, as Blackstone sought to capitalize on the Spanish economy outperforming all other Eurozone markets.
In November, the PE giant enlisted Lazard, Barclays, Deutsche Bank, and Morgan Stanley to lead capital investment for a potential IPO. The latest speculation cites Blackstone’s plans to list 20%–25% of CIRSA’s shares on the Bolsa Madrid, aiming to raise between €750m and €1bn. Earlier reports suggested it might sell its entire stake for €5bn.
