Cirsa’s Q3 results boosted by LatAm and Italian business

Cirsa, Q3, result, LatAm, Italian, business
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Spain’s largest casino operator, Cirsa Gaming Corporation chalked up an operating profit of €95m for Q3 2018, a 6.7 percent rise year on year.

In a statement, the company reported an operating income of €367.3m, an increase of 5.3 percent compared to the same period in 2017.
“The group’s performance in the third quarter reinforces the profitable growth it has experienced over recent years,” the company said in a statement.
Cirsa’s casino division – consisting of 146 properties – continued to see “significant revenue growth in all its markets” and with the company highlighting a “notable [revenue] increase” in Mexico, among other developments.
The company stated that its business in Mexico continues to improve, thanks in part to the effects of a “synergies plan” it has implemented at Monterrey’s Winland Casino, which it acquired in June 2018.
Elsewhere in Latin America, the company refurbished several casinos in Colombia and Panama and expanded its slot parlours in Colombia and Peru.
Over in Italy, the company maintained its leadership position in the AWP and VLT sectors, with revenues remaining “stable” even though it was forced to reduce its fleet of AWP machines by more than 1,800 due changes to Italy’s gaming laws. Despite this, along with the impact of new tax rises, average income per machine increased during the quarter.

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