As its global land-based units continue to be impacted by COVID circumstances, Grupo CIRSA, the Blackstone-owned Spanish gambling firm, revealed that 2021 trading is ‘on par with company expectations.’
In a trading update for Q1 2021, the CIRSA recorded group operating income of €28.6 million, based on corporate revenues of €156 million.
When compared to normal trading conditions prior to the pandemic, CIRSA noted that period operating profits were created against a severe backdrop of a ’66 percent reduction of its commercial capacity.’
CIRSA was forced to close its bingo, casino, and arcade assets throughout the provinces of Catalunya and Valencia in its home market of Spain.
The closures of venues were mirrored in the Latin American (LatAm) markets of Panama and Peru, where CIRSA was forced to keep its casino assets under lockdown orders for another trading quarter.
CIRSA, on the other hand, reported that the incremental reopening of its gaming venues in Colombia, Costa Rica, and the Dominican Republic had yielded promising results, with properties tracking at 80 percent of sales potential compared to pre-pandemic trading results.
Sportium, CIRSA’s flagship online gambling brand, was the only CIRSA business unit to expand during the trading era, owing to high customer activity and a crowded sports calendar.
CIRSA has maintained a positive outlook despite the challenges.
It said that as each unit reopened, the company saw “rapid revenue recovery” that, combined with “flexible cost management and solid liquidity,” would enable it to “overcome the expected operating restrictions with full guarantee in the coming months until the full normalisation of the activity.”