CIRSA earned €158 million in operating profit in the third quarter of 2023
Sustained growth and the efficient execution of its strategy led to a 7.1% improvement in operating profit compared to the third quarter of 2022.
Terrassa, 22 November 2023 – CIRSA, the leading global gaming and entertainment company and the market leader in Spain, reported an operating revenue of €493 million and an operating profit of €158 million in the third quarter of 2023.
These results confirm the company’s strong business growth trend thanks to its strategy of focusing on key markets and of continuously improving service quality and offering. As compared to the third quarter of 2022, the company has exceeded operating revenue by 8.6% and operating profit by 7.1%.
In the first nine months of 2023, the company has accumulated EBITDA of €467.1 million and operating revenue of €1,475.2 million.
These results confirm the upward revision of EBITDA guidance that the company made last June and respond to the effective implementation of operating plans by different business units despite an environment of global macroeconomic and geopolitical uncertainty.
Highlights of the third quarter of 2023
The results of the Casinos division for the third quarter continue to be marked by the improvement of the trend with respect to 2022. We continue with the execution of the commercial and cost efficiency plans, the selective renovation of the points of sale, as well as the incorporation of new state-of-the-art machines for the renewal of the fleet.
SLOT MACHINES – SPAIN
We have maintained a very good pace of improvement in both revenue and EBITDA thanks to good product management (Manhattan Party), which has captured the interest and preference of our customers at the point of sale, as well as the launch of a new model of mixed machine. Cost containment and efficiency in the execution of plans has led us to achieve the defined plan and to maintain the positive results with which we already closed the first half.
SLOT MACHINES – ITALY
After a very positive first half in organic revenue from both AWP and VLT machines compared to 2022, we saw a consolidation of growth in Italy in the third quarter. The full incorporation of Modena Giochi and the synergies gained from it have provided our operations in Italy an improvement and consolidation of our revenue and EBITDA.
ONLINE GAMING AND BETTING
The results of the online gaming and sports betting division were favourable in the third quarter versus the same quarter last year, with significant growth in both volume and margin in all markets where it operates. Efficient marketing management, as well as multichannel and customer intelligence strategies continue to push for consistent improvement in the results. In addition to Spain, growth in Italy and Mexico stand out. The brand continues to gain strength thanks to its partnership agreement with Manchester City for the second consecutive season and the sponsorship agreement with the Americas Kings League Santander to consolidate itself in the regulated Latin American markets.