In 2024, CIRSA’s operating earnings soared to $734.4 million, marking its best financial performance to date. Since Blackstone acquired the massive Spanish gaming company in 2018, this year has broken records three times in a row.
Revenue for the corporation increased by 8% year over year, from $2 billion in 2023 to $2.26 billion. The fourth quarter was particularly successful, with operational sales climbing 13.7% to $615.7 million. In the meantime, operating profit increased 17.3% to $200 million within the same time period.
Strategic Expansion Fuels Growth
CIRSA’s remarkable performance can be attributed to its targeted expansion in Latin America. Throughout 2024, the company enhanced its casino operations in Mexico, Colombia, and Panama. Additionally, it strengthened its market presence in Peru by securing a majority stake in Apuesta Total, the country’s leading sportsbook operator.
Domestically, CIRSA continued to generate strong returns in Spain through its extensive gaming machine distribution network. The company’s success in its home market further bolstered its overall financial performance.
Executive Chairman Joaquim Agut highlighted the company’s disciplined strategy as the key to its success. “Our results reflect a clear strategy—focusing on markets and business areas where we lead,” he stated. He also emphasized CIRSA’s broader economic contributions, saying, “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.”
As CIRSA continues its strong momentum, industry observers are closely watching Blackstone’s next steps regarding its ownership of the company. In November, Blackstone enlisted Lazard, Barclays, Deutsche Bank, and Morgan Stanley to explore capital investment options, including a potential initial public offering (IPO).
Reports suggest Blackstone could list 20%-25% of CIRSA’s shares on the Bolsa Madrid, potentially raising between $788 million and $1.05 billion. Earlier speculation also pointed to a possible full sale of CIRSA for $5.25 billion. With Spain’s economy showing resilience in 2024, conditions may be favorable for an IPO in the near future.
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