Grupo CIRSA, the largest gambling operator in Spain, has published its 2020 financial accounts, revealing EUR 255 million in group-wide operating losses.
CIRSA, which is wholly owned by the US private equity fund Blackstone Group, points out that its financial performance ‘rebounded’ in trading during the second half of 2020, as the company posted a full-year EBITDA of EUR 126 million better than anticipated.
Nevertheless, after the enforced H1 closure of its betting point sales network, bingo and gaming hall locations across Spain and South America, CIRSA’s financial performance was drained.
The company’s full-year group revenues fell below the EUR 1 billion mark to EUR 840 million under dire circumstances, as the gambling group faced operating restrictions across its nine active markets.
Positive trading in 2021
Despite its Covid woes, the operator notes that it started trading positively in 2021 following a group-wide restructuring that secured a EUR 283 million increase in working capital for the company.
In its financial statement, CIRSA stressed that it was pursuing all options during 2021 ‘as quickly as possible’ to return its businesses to normalised trading.
Keeping business units afloat
The gambling group stressed its dedication to keeping all business units afloat, stating that its betting POS, gaming lounges, bingo hall and arcade venues portfolio would remain unchanged throughout Spain and South America.
CIRSA has launched a new EUR 6 million ‘Play It Safe’ directive in support of its reopening goals, which will see the company upgrade the public safety and health provisions of its global gaming venues.