Cirsa reaps rewards of Latin America expansion

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Full-year financial results from Cirsa Gaming Corporation in 2015 have shown that the company recorded growth across all of its core markets last year.

Group wide, Spain-based Cirsa enjoyed a 16.5 per cent increase in revenue to E1.8bn, whilst EBITDA was bolstered 14 per cent to E380m.

The company’s governance attributed the growth to the successful implementation of its “international expansion strategy”, which saw it make substantial gains in its new markets of Colombia, Argentina and Panama.

Cirsa stated that it will continue its global expansion effort throughout 2016, with recent months having already seen the company make new acquisitions in Morocco, Puerto Rico and Costa Rico. The recent and upcoming purchase agreements have been made possible by way of a E500m bond issue that Cirsa completed with Deutsche Bank last spring.

Whilst company strategy abroad has focused upon expansion, in its domestic Spanish market Cirsa continue to prioritise cost-saving. Profit on its operations in Spain is still the most significant of Cirsa’s various international markets – representing over 29 per cent of all 2015 EBITDA. Still, a company statement insisted that its forward-looking plan was to carry on with the implementation of “efficiency programmes” in both Spain and Italy.

“We plan to continue with our strategy of highly selective acquisitions,” it said. “We also aim to discontinue underperforming machines to improve the quality of our slot operations portfolio.”

 


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