Posting date: 25 May 2023, 8:01h
Last updated: May 25, 2023 at 8:01h
Cirsa, a gaming and hospitality firm based in Spain, is gaining strength. Its recent expansion plans are paying off, as the latest financial data from the company shows continued improvement in its financial health.
Cirsa’s casino in Valencia, Spain, at dusk. As the gaming and hospitality firm expands, its financial results continue to improve. Cirsa’s operating profit in the first three months of 2023 was EUR151m (US$162.03m), which is a 27.9% increase compared to last year’s first quarter. Blackstone’s company closed the quarter with an operating income of EUR428.5 (US$460) million, a 29.2% increase year-over-year. They also support its ongoing expansion plans, which have seen it purchase assets in Mexico, Italy and Morocco.
Cirsa’s casinos and gaming hall operations have been marked by the improvement of the trend in all the geographical areas where the company operates. Cirsa has focused its attention on areas with the greatest potential for penetration to support its slots division. This appears to be paying off. Cirsa has recently launched the Manhattan model slot machine under its Unidesa brand. The division continues to strengthen its multi-channel strategy, as well as the management of customer intelligence.
In addition, during this period, the rollout of branding opportunities with English Premier League soccer team Manchester City began as part of a sponsorship agreement with the club. Cirsa is gaining ground in the sports betting industry thanks to a deal with Sportium, the company’s sportsbook brand. This is due, in part, to the different improvement actions implemented during the previous year in the company’s innovation and commercial efforts.
Likewise, the company added a new casino in Tuxtla, Mexico, during the first quarter of 2023. This followed the acquisitions of E-Play24 and Go Goal, two online gaming platforms in Italy, as well as a casino in Tangier, Morocco, announced late in 2022.
Cirsa also published this week its ESG (environmental, social and governance) 2022 report. In it, the company reasserts its commitment to grow its business in a responsible and sustainable manner, detailing the strategic lines of action in terms of environmental sustainability, social responsibility and governance for the future.
Joaquim Agut, the executive chairman of Cirsa Group, included remarks about the company’s performance and ESG plans, highlighting the solid performance” it experienced across all divisions. Cirsa established an ESG Committee which reports directly to Agut to highlight this commitment. The group holds quarterly meetings to discuss its progress and plans and, as Agut explained, certain variable remuneration programs for company leaders are contingent on meeting ESG targets.
Cirsa also recently joined the United Nations Global Compact, a program described as “the world’s largest corporate sustainability initiative.” The company joins Betsson, Australia’s Star Entertainment Group and others that are part of the program.