Spanish Company CIRSA Reports Increased Q3 Profits
Author:
Muhammad Gregory
CIRSA, a Spain-based gaming multinational has reported on its Q3 2023 profits. The company, whose portfolio spans from gambling to leisure companies, reported operating profits of €158 million, a 7.1% year-on-year increase. That is based on operating income of €493 million between July and September 2023. CIRSA made more details from its findings available in a report released this month.
CIRSA reports on its profits and strategy for Q3 success.
?Ian/Unsplash
Focused strategy is key to growth at CIRSA
CIRSA is a multinational operating out of Spain, with a hand in many different types of gaming and entertainment. It currently has holdings in Spain, Italy, Morocco, Panama, Colombia, Peru, Costa Rica, Mexico and the Dominican Republic. Its holdings include casinos, bingo, arcades and slot machines.
In its financial report for Q2 2023, the company showed steady growth in a year-on-year comparisons. Its operating income grew by 8.6%. Meanwhile its operating profit grew by 7.1%. This is not insignificant given that many similar companies are struggling to maintain similar levels of revenue in the midst of high inflation and today’s economic climate.
CIRSA is currently controlled by the Blackstone fund and it operates out of Barcelona in Terrassa. It reported on earnings for the first nine months of 2023, sharing that this total was €1,475.2 million. Meanwhile its EBITDA was €467.1 million.
Joaquim Agut, who chairs CIRSA, gave some insight on the numbers. Agut said that the increase in profit was due to the strategy the company has lately employed. It has focused on key markets for growth and expansion, as well as trying to offer improvements on its overall service continually.
CIRSA currently owns 434 casinos across its nine countries of operation. It has a total of 82,000 gaming machines. It boasts a further 5,400 sports betting kiosks. CIRSA is also approved to offer sports betting in five of its nine countries of operation: Mexico, Spain, Panama, Colombia and Italy.
Within its casino strategy, the company has not shied away from making improvements to land-based locations, even in the midst of the rising popularity of online gaming. It has therefore chosen to renovate some specific locations and to find more cost-efficient ways of running its brick-and-mortar locations. It also continues to add new, technologically advanced machines to its game rooms.
With regards to slot machines in Spain, CIRSA reported on its strategy, which has mainly focused on identifying customer wishes in the area. The company has responded by installing games that appeal to its demographic. Meanwhile in Italy, its slots endeavors have seen a consolidation of growth and general improvements to revenue.
The realm of online gaming and sports betting is a big one for the company now, too. Results during the reported quarter were positive and also showed growth compared to the previous year. This growth was not only in regards to the amount of bets made but also to the profit margins on betting.
Again, this margin growth is due to CIRSA’s overall strategies to make its operations more efficient. With online platforms, this efficiency stretched to its marketing strategy as well as customer intelligence surveys to drive decisions and results.
Growth in Italy and Mexico are significant points of interest in the latest CIRSA report. The company has also made its mark outside of Europe and Latin America by sponsoring Manchester City in the UK via its sportsbook brand Sportium.
