Cirsa

History and Ownership

Cirsa was founded on October 5, 1978, in Terrassa, Barcelona, by Spanish businessman Manuel Lao Hernández together with his brother Juan Lao Hernández. The company began by fabricating and distributing gambling machines and expanded internationally in the 1990s, first entering the Dominican Republic and Venezuela. Today it operates in over seventy countries. In April 2018, The Blackstone Group agreed to acquire Cirsa, completing the purchase in July 2018 for an enterprise value of around €2.2 billion. Blackstone remains the majority owner. In June–July 2025, Cirsa launched an initial public offering on the Spanish stock exchanges, placing up to 25% of its shares at a set price of €15, giving the company a post-money valuation of approximately €2.5 billion. This was the first major listing of a Spanish gaming company.

Operations and Product Lines

Cirsa’s business is divided into three main segments: Casinos, Slots Spain, and Slots Italy. The company operates 447 casinos and gambling halls, including land-based casinos, bingo halls, and gaming salons. It is also a leading manufacturer and distributor of slot machines, with more than 83,000 units deployed. Key proprietary slot-machine brands include Manhattan Mirage and Manhattan Premium, which drive significant revenue growth. In 2025 the company completed 14 Gold Mine expansion projects, a concept of high-end gaming areas within existing venues. Online gambling is offered through mobile applications, websites, and retail outlets, covering casino games, social games, and sports betting. In 2024 Cirsa acquired Apuesta Total, a leading online gambling operator in Peru, strengthening its digital footprint in Latin America. The group also entered Morocco with a new casino in Marrakech in late 2025.

Financial Performance (2025)

Cirsa reported operating revenues of €2.339 billion in 2025, an 8.8% increase year-on-year. Operating profit (excluding IPO-related costs of €6.9 million) reached €753.5 million, surpassing the company’s guidance and 6.8% higher than 2024. Net profit hit a record €72.9 million, driven by growth and lower financial costs from deleveraging. The fourth quarter of 2025 marked the group’s 70th consecutive quarter of improved results. The company’s ESG progress earned recognition from Sustainalytics (leader in managing material ESG issues) and inclusion in Standard & Poor’s Sustainability Yearbook 2026.

Sustainability and Corporate Governance

Cirsa publishes an annual Sustainability Report and has been recognized by Sustainalytics and S&P for its environmental, social, and governance practices. The board of directors includes Joaquim Agut (Executive Chairman), Lionel Assant (Vice-Chairman, representing Blackstone), and Antonio Hostench (CEO). The company is committed to operating only in regulated markets and to responsible gambling initiatives.