Cirsa, the Spanish gaming conglomerate, has secured a majority stake in Slots del Sol, an online slots operator based in Paraguay. This acquisition marks Cirsa's inaugural entry into the Paraguayan gaming market.
The agreement, finalized on Monday, underscores Cirsa's commitment to expanding its presence in Latin America's regulated digital gambling landscape. The company is already active in Peru through a partnership with Apuesta Total and operates in Colombia with Sportium, as well as maintaining a presence in Mexico.
Slots del Sol manages the well-known Slotsdelsolonline.com, along with two physical casinos and two gaming halls throughout Paraguay. Cirsa has described the purchase as a vital step in boosting its online gaming growth strategy.
Joaquim Agut, Cirsa’s executive chairman, stated that Paraguay represents “an attractive and highly stable regulated market, with strong fundamentals.” The financial backing for this acquisition came from Cirsa's existing cash reserves and adheres to valuation standards consistent with previous industry acquisitions. Notably, Cirsa emphasized that this transaction will not substantially impact its financial leverage.
Cirsa CEO Antonio Hostench commended Slots del Sol for its “exceptional performance” and noted its strong capabilities in online operations. He expressed optimism about the potential synergies between Cirsa's extensive global experience and Slots del Sol’s regional knowledge, which could enhance future growth and improve profit margins in the online sector.
This acquisition aligns with Cirsa's previously articulated strategy of aggressive mergers and acquisitions. In July 2025, the company went public on Spanish stock exchanges to generate capital for its acquisition initiatives, targeting a market valuation of €2.5 billion ($2.9 billion). As of that same month, Cirsa had successfully completed more than 130 acquisitions over the last decade.
The timing of this acquisition coincides with Cirsa's recent announcement of a successful €500 million debt issuance aimed at refinancing a €375 million bond scheduled to mature in 2028.
Entering the Paraguayan market is particularly significant as the country liberalized its gambling sector last year, repealing the previous gambling monopoly. This move allows private operators to thrive. Carlos Liseras, president of Conajzar, commented last May on the newly liberalized market, highlighting Paraguay’s advantageous tax structure and its burgeoning status as a tourist destination.
Following these reforms, Paraguay's gambling industry recorded a remarkable PYG215.9 billion ($32.6 million) in 2025, marking a 22.9% increase compared to 2024, which reflects its highest figure to date.
