Cirsa Enjoys Strong Performance as Pandemic Restrictions Eased
Spain’s biggest casino operator, Cirsa, has reported €100.6 million in operating profits for Q3 2021. The improvement in the company’s finances was largely due to the easing of coronavirus restrictions in eight of the nine countries where it operates. At present, just two properties in Morocco are closed.
During the quarter, operating hours were 89%, up 42.6% from the second quarter. Furthermore, the company’s operating income between July and September grew to €335 million, meaning its total for the first nine months of 2021 was €738.9m, accumulating an EBITDA of €210.3 million.
Cirsa’s Spanish business saw significant improvements boosted by a return to full operations. Its casino segment in Spain exceeded 100% of the income earned in 2019. Overall, Cirsa’s EBITDA from Spanish operators came to €40.2 million in Q2, up from €39.1 million in the same period last year.
However, the picture was slightly different in Italy. Cirsa’s operations are fully open with customers required to show proof of vaccination or a negative test. However, EBITDA in the country fell from €4.4 million to €3.8 million. Similarly, in Latin America coronavirus restrictions have suppressed the company’s performance during Q3 although it did see its casino segment enjoy considerable growth from having a negative EBITDA in Q3 2020 to over €43m for this latest quarter.
Furthermore, while there was no significant growth, Cirsa’s slots division saw an increase in operating revenue of €1.2 million from €232.5 million to €233.7 million, with EBITDA of €44 million.
In its statement, Cirsa said, “These results reflect the strict fulfillment of the targets included in the contingency and commercial plans implemented to face the pandemic situation.”
Cirsa is a multi-national gambling operator with a presence in nine countries across four continents. In total, it operates 149 casinos, more than 82,000 gaming machines, 80 bingo halls, 242 arcades, and nearly 3,000 sports betting outlets.
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