Anonymous insiders claim that the US asset manager Blackstone owns Spanish gambling company Cirsa. The company is reportedly considering a number of options, including a public offering.
Lottomatica’s disappointing IPO could affect Cirsa’s potential deal
Lottomatica’s recent underwhelming IPO, in Milan, where its shares were priced at the bottom end of the target valuation range, and caused share prices to drop in the aftermarket could have an impact on the timing of a deal. According to Reuters, the explorations are preliminary, and could not lead to a deal.
Cirsa reported earnings before interest tax depreciation and amortization (EBITDA), of EUR552.5 millions ($609.24million) for 2022. However, it had nearly EUR2.3billion ($2.5billion) in net debt, which is four times the EBITDA. This was based on Cirsa’s latest annual accounts. Cirsa, with its debt, could be worth several hundred million euros based on Lottomatica’s valuation. Blackstone acquired Cirsa in 2018 for an enterprise valuation of EUR2.2 billion (2.4billion).
Cirsa purchases Guadalajara based GanaBet MX betting firm for $22m
Cirsa has acquired GanaBet MX in Guadalajara for an estimated EUR20 million (USD22 million). GanaBet, Mexico’s largest online betting house, holds licenses to play online casino games, bingo, and slots.
Cirsa will enter the Italian online gambling market in 2022 by acquiring Go-Goal and 60% of EPlay24. Cirsa’s sportsbook portfolio will now include GanaBet.mx in addition to Sportium and EPlay24, both in Italy and Spain.
Cirsa, now owned by Blackstone, has grown its global footprint. It operates in nine countries with 146 casinos and over 81,000 gaming machines. There are also 78 bingo halls. 241 lounges.
Cirsa has announced that 2022 will be its best year ever. Cirsa invested in international expansion, acquiring the one casino in Tangier, a popular tourist destination in Morocco. It also acquired a stake in the Italian iGaming firm Eplay24, which offers online sports betting and iGaming. Cirsa expanded its presence in Tangier, and the Italian acquisition helped boost the popularity of the sportsbook in Italy.
Speculation continues to swirl about whether Blackstone would pursue an IPO in Spain for Cirsa. Blackstone owned the company, which returned to profitability. News sources speculated that Blackstone could aim for a EUR5billion ($5.5m) listing.
