Spain: Cirsa posts operating income of $525M in Q3, up 8,6% Y-o-Y

Spanish gaming and leisure multinational company Cirsa announced that it registered an operating income of 493 million euros ($525.4 million) and an operating profit of 158 million euros ($166.2 million) in the third quarter of 2023, an increase of 8,6% and 7,1% over the same period last year. 

In a statement, Cirsa said the results confirm the solid growth trend of the company’s business thanks to the strategy of focusing on key markets and the continuous improvement of the offer and quality of service.

In the first nine months of 2023, until September 30th, the company accumulated an EBITDA of 467.1 million euros ($512.6 million) and an operating profit of 1.475,2 million euros. ($1.6 billion)

These results confirm the upward revision of the EBITDA guidance that the company made last June and which responds to the good implementation of the operational plans by the various business units despite operating in a context of macroeconomic and global geopolitical uncertainty,” Cirsa said. 

Highlights in the third quarter of 2023

The results of the Casino division for the third quarter were characterized by improvements compared to 2022. Cirsa says that it continues with the implementation of commercial and cost-efficiency plans, the selective renewal of sales points, as well as the incorporation of new machines to renovate its offerings.

As per the company, “an excellent pace of evolution” of both turnover and EBITDA is maintained in this segment, thanks to the good management of the product, which has captured the interest and preference of customers at the point of sale, as well as the launch of a new mixed machine model. The containment of expenses and the efficiency in the implementation of company plans led to positive results.

After a very positive first half in organic revenues in both AWPs and VLTs compared to 2022, a consolidation of the growth trend was recorded in Italy in the third quarter. The full incorporation and synergies of Modena Giochi provided the business in Italy with improvements and consolidation of its revenues and EBITDA.

Results from the online gaming and sports betting division were favorable in the quarter compared to the previous year, with significant growth both in volume and across all markets in which it operates. Efficient marketing management, as well as multi-channel and customer intelligence strategies, continue to push toward constant improvement in results. In addition to Spain, growth in Italy and Mexico stands out.

The brand notes that it continues to strengthen owing to an association agreement with Manchester City for the second consecutive season and the sponsorship agreement of the Americas Kings League Santander in Latin America.