CIRSA records over $734 million in operating profits for 2024, with total revenue crossing $2 billion

CIRSA announced its strongest financial performance to date for 2024, with operating profits reaching a record €699 million ($734.4 million). This achievement marks the third consecutive year of record-breaking results since Blackstone acquired the Spanish gaming company in 2018.

The firm reported an 8% increase in revenue year-over-year, with total revenues climbing to €2.15 billion ($2.26 billion) from €1.98 billion ($2 billion) in 2023. The fourth quarter proved particularly robust, with operating revenues of €586 million ($615.7 million), up 13.7%, and operating profit of €191 million ($200 million), a 17.3% increase.

A key contributor to the year’s success was the company’s targeted expansion in South America. During 2024, CIRSA undertook upgrades to its casino facilities in Mexico, Colombia, and Panama. In addition, the group strengthened its regional footprint by becoming the majority owner of Apuesta Total, Peru’s largest sportsbook operator, through a deal finalized in the second half of the year.

In its domestic market of Spain, CIRSA continued to see improved returns through its gaming machines distribution network. This performance in Spain further drove the company’s overall results.

Executive Chairman Joaquim Agut credited the strong performance to the company’s disciplined execution. “Our results reflect a clear strategy—focusing on markets and business areas where we lead,” he stated.

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.”

Looking ahead to 2025, market observers are closely tracking Blackstone’s next moves regarding its ownership of CIRSA. The Spanish market remains alert as the private equity giant evaluates its strategy, which appears to be an ongoing development.

In November, Blackstone enlisted Lazard, Barclays, Deutsche Bank, and Morgan Stanley to lead capital investment efforts for a potential initial public offering.

Recent speculation indicates that Blackstone is considering listing 20%-25% of CIRSA’s shares on the Bolsa Madrid, potentially raising between €750 million ($788 million) and €1 billion ($1.05 billion), though earlier reports suggested the possibility of selling the entire stake for €5 billion ($5.25 billion). With Spain leading the Eurozone recovery in 2024, conditions appear favorable for a move toward an IPO.