CIRSA has announced that strong growth in January and February was wiped out by circumstances of Coronavirus, which forced the Spanish gaming company to shut down its entire presence in retail gaming.
Owned and operated by the Blackstone Group it was announced that company performance was in line with expectations until March, as operating revenues in Q1 fell to €355 million by 6 percent.
CIRSA revealed in publishing its top-line results that Group Q1 operating profits fell by 14 percent to €89 m as COVID-19 headwinds interrupted all core business units of CIRSA.
CIRSA was forced to shut down its entire operational footprint in eight different jurisdictions, following the duration 8-25 March.
Currently, the only active business unit of CIRSA is Spanish online sportsbook Sportium, whose performance has been disrupted by the postponement of the world sports calendar for 2020.
CIRSA will restart its Spanish retail operations this June, in which the company plans to return to work as many of its ERTE (furloughed) 4,400 which accounts for 84 percent of the workforce.
“Given the exceptional social and economic situation, management focuses on safeguarding the sustainability of the Company, managing the decisions that protect its future in the short, medium and long term, including measures relating to the liquidity and solvency of the company and reducing operating costs,” said CIRSA management.