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Spanish gambling giant Cirsa reports €100.6m in operating profit for Q3 2021

Cirsa has reported €100.6m ($114m) in operating profit for the third quarter of 2021. Spain’s largest casino operator saw its financial position improve in Q3, driven by the easing of restrictions in eight of the nine countries in which the company operates — with only two properties in Morocco remaining closed.

As a result, operating hours amounted to 89%, a 42.6% increase from the second quarter. Moreover, Cirsa saw its operating income from July to September climb to €335m, bringing its total for the first nine months of 2021 to €738.9m, accumulating an EBITDA of €210.3m.

Bolstered by a return to full operating capacity, Cirsa’s business in its native Spain saw marked improvements, with its casinos segment for the country exceeding 100% of the income earned in 2019. All-in-all, the company’s EBITDA from its Spanish operations amounted to €40.2m in Q3, up from €39.1m for the same period last year.

However, despite also being fully reopen, excepting proof of vaccination or a negative test, Italy’s EBITDA dropped from €4.4m to €3.8m. Likewise, more intense Covid restrictions across Latin America hampered its performance in Q3, though Cirsa still saw its casinos segment grow considerably, going from a negative EBITDA in Q3 2020, to over €43m for this latest quarter.

In addition, while it did not experience as significant growth, the company’s slots division saw its operating revenue rise by €1.2m from €232.5m to €233.7m, with an EBITDA of €44m.

In its statement announcing the results, Cirsa said: “These results reflect the strict fulfilment of the targets included in the contingency and commercial plans implemented to face the pandemic situation.”

Cirsa is a multi-national gaming company with business in nine different countries across four continents. Altogether, it operates 149 casinos, more than 82,000 gaming machines, 80 bingo halls, 242 arcades and nearly 3,000 sports betting outlets.

sOURCE : www.gamblinginsider.com

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