LatAm currency fluctuation hammers cirsa

Despite a Euro 14 million hit to its corporate performance due to Latin American currency fluctuations, Spanish gambling group Grupo Cirsa reported good progress on its Spanish and LatAm expansion projects in a trading update Thursday.

Our readers will recall that the group was recently acquired for Euro 2 billion by the US-based private equity firm Blackstone Capital

The group reported combined revenues of Euro 4.17 billion and corporate EBIT of Euro 41 million – largely flat compared with FY 2017 EBIT of Euro 42 million.

Management also reported an active cash balance of Euro 180 million and available credit of Euro 75 million, and said that despite the negative impact of the LatAm currency declines Cirsa will continue to drive organic growth in the region, focusing on growing table and slots across its land casino assets in Panama, Colombia, Peru, Dominica and Costa Rica.

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