Cirsa issues trading update

News on 1 Oct 2018

Blackstone Capital-owned Spanish gambling group Cirsa has posted a Q2-2018 trading update reporting 3.2 percent y-o-y revenue growth despite incurring a Euro 3 million loss in LatAm currency fluctuations over the reporting period.

Highlights of the report include:

* 3.2 percent y-o-y increase in revenue to Euro 358 million;

* Adjusted EBITDA up 3.8 percent at Euro 90 million;

* Secured access to a $1.9 billion debt-noter in September, enabling continued international expansion plans;

* Successful divestment of Argentine casino and arcade assets, to the founding Lao Hernandez family;

* Continued expansion plans for existing Spanish land assets, including joint venture Sportium;

* Total net debt of Euro 968.1 million – increased Euro 5.1 million from March 31, 2018;

* Cash of Euro 131.8 million; decreased by Euro 13.6 million from March 31, 2018;

Cirsa was acquired for a reported Euro 2.1 billion by private equity group Blackstone Capital earlier this year in a deal that saw Blackstone acquire Cirsa’s casino, bingo and sports betting operations in Spain, Italy and most of Latin America. The Cirsa estate includes nearly 150 casinos and more than 75,000 gaming machines.