Cirsa Group to Acquire Majority Stake in Casino Portugal
The Cirsa Group, a multinational gaming and entertainment company based in Spain, has announced an agreement to acquire a 68% stake in Casino Portugal (CasinoPortugal.pt), a Portuguese online gaming and sports betting operator. Cirsa highlighted Casino Portugal as “one of the main players in the market.”
The company stated that the closing of the transaction is subject to customary closing conditions, primarily including antitrust and local gaming regulator approval. The deal is expected to be finalized in the fourth quarter of 2024.
Since its establishment in 2017, Casino Portugal has experienced significant growth. Cirsa anticipates that its gross gaming revenue will exceed EUR 15 million in 2024. The company emphasized that Casino Portugal “successfully operates a platform offering a wide variety of casino games and sporting events.”
According to the Cirsa Group, “This acquisition aligns with its mergers and acquisitions strategy focused on the online space and positions Cirsa as a significant player in the relevant Portuguese online gaming and sports betting market, which is among the fastest-growing markets in Europe.”
The sum paid is in line with previous online transactions completed by Cirsa. The transaction will be financed with Cirsa’s available cash, and “the impact on the Cirsa Group’s proforma leverage is not significant.”
Financial Performance
In early September, the Cirsa Group released its financial report for the second quarter of 2024, reporting an operating profit or EBITDA of EUR 171,066,000 (USD 188.9 million), an 8.3% increase compared to the same period last year.
The report also revealed operating revenues of EUR 519,829,000 (USD 573.9 million), representing a year-on-year increase of 3.9%.
Due to increased financial expenses, the company reported net earnings of EUR 10.9 million (USD 12 million), a decrease compared to the EUR 19.4 million (USD 21.4 million) obtained in 2023.
Cirsa commented that “the increase in EBITDA was mainly due to the good performance of its business units in the different markets in terms of revenue, highlighting the Slots Spain business unit.”
Cirsa also noted that in July, it publicly announced the acquisition of the Peruvian online operator Apuesta Total, which operates under an omnichannel model that includes a complete sports betting and online casino platform, combined with a network of more than 500 betting points in Peru.
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