Cirsa expands in Latin America and Europe with acquisitions in Paraguay and Portugal

Spanish gaming conglomerate Cirsa has announced two acquisitions in quick succession: a majority stake in Paraguayan online slots operator Slots del Sol and the purchase of Sociedade Figueira Praia, owner of Casino Figueira in Portugal. The deals underscore the group's aggressive M&A strategy and its push to build an omnichannel presence across regulated markets.

Paraguay entry

The Slots del Sol transaction marks Cirsa's first foray into Paraguay, a market that liberalised last year when the country ended its gambling monopoly. Following the regulatory change, Paraguay's gambling sector generated PYG215.9 billion ($32.6 million) in 2025, a 22.9% increase over 2024 and its highest figure on record. The operator runs two land-based casinos and two gaming halls, along with the website Slotsdelsolonline.com. Cirsa CEO Antonio Hostench praised Slots del Sol's "exceptional performance" and its "outstanding capabilities in online operations," adding that combining Cirsa's global experience with local expertise will "drive future growth" and improve margins in the online division. Executive Chairman Joaquim Agut described Paraguay as "an attractive and highly stable regulated market, with strong fundamentals." The deal was financed from available cash reserves and aligns with valuation multiples from prior industry transactions, with Cirsa stating it will not materially affect financial leverage.

Portugal land-based acquisition

Separately, Cirsa acquired Casino Figueira, located in Figueira da Foz on Portugal's Atlantic coast. The venue, operating under a license since 1948, is one of the oldest casinos on the Iberian Peninsula and also includes a restaurant and events business. This acquisition complements Cirsa's purchase of online operator CasinoPortugal.pt in December 2024, giving the group both a digital platform and a physical casino in Portugal. Agut said the deal "reinforces our capacity to offer an integrated gaming and entertainment proposal through online and in-person channels." Hostench called Casino Figueira "an emblematic asset within the entertainment sector in Portugal with a solid track record." The purchase price is in line with previous group transactions and will be financed with available cash, with no significant impact on leverage.

Funding and ongoing strategy

Both acquisitions follow Cirsa's July 2025 IPO on Spanish stock exchanges, which targeted a total market valuation of €2.5 billion ($2.9 billion) and was intended to fund M&A activity. Days before the Slots del Sol deal, Cirsa also completed a €500 million ($569 million) bond offering, with proceeds earmarked to redeem a €375 million ($427 million) bond maturing in 2028. The company has now completed more than 130 acquisitions over the past decade. With the Paraguay addition, Cirsa operates in four Latin American markets, including Peru (via Apuesta Total), Colombia (through Sportium), and Mexico. The Portugal deal further strengthens its European presence, where it continues to pursue an omnichannel growth strategy.