{"id":6815,"date":"2024-09-11T10:42:35","date_gmt":"2024-09-11T09:42:35","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=6815"},"modified":"2024-09-11T10:42:39","modified_gmt":"2024-09-11T09:42:39","slug":"cirsa-hits-e1bn-in-net-revenue-ahead-of-apuesta-total-acquisition","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/cirsa-hits-e1bn-in-net-revenue-ahead-of-apuesta-total-acquisition\/","title":{"rendered":"CIRSA Hits \u20ac1bn in Net Revenue Ahead of Apuesta Total Acquisition"},"content":{"rendered":"\n

Grupo CIRSA<\/strong> has raised its 2024 EBITDA guidance to \u20ac680m-\u20ac710m ($725m-\u20ac760m) as it seeks to expand its presence in South America through its acquisition of a majority ownership in Apuesta Total<\/strong>, a leading Peruvian bookmaker.<\/p>\n\n\n\n

Blackstone<\/strong>-owned CIRSA\u2019s H1 interim results show net revenue topping \u20ac1bn ($1.08bn).<\/p>\n\n\n\n

Trading during the period saw CIRSA\u2019s casino business unit generate a 6% increase in net income to \u20ac478m ($518 m) and a 4% increase in sales generated by the Spanish slots business, which reached \u20ac208m ($226 m).<\/p>\n\n\n\n

These units were supported by the new CRM strategy for casino customers, alongside CIRSA improving the commercial models of its slot distribution business with Spanish partners.<\/p>\n\n\n\n

The growth of casino and slots offset weaker results from its betting business, which generated an H1 net income of \u20ac169m ($183 m)  (H1 2023: \u20ac175m ($189 m).<\/p>\n\n\n\n

CIRSA emphasized that its betting unit will soon be revived by its \u201c70% stake in the Peruvian online sports betting operator Apuesta Total, which is the leading online and sports betting player in Peru and achieved over \u20ac100m ($108 m) in Gross Gaming Revenue (GGR) in 2023.\u201d<\/p>\n\n\n\n

The majority ownership of Apuesta Total will enable CIRSA to refresh its commercial make-up in South American markets, where Peru currently accounts for 1.8% of the overall contribution to group EBITDA.<\/p>\n\n\n\n

Group efficiencies saw CIRSA maintain its target margin of 30%, as year-to-date EBITDA stood at \u20ac335m ($363 m.), reflecting an increase of 8% on 2023 YTD comparatives of \u20ac309m.($334 m.)<\/p>\n\n\n\n

Moving into H2, CIRSA provided a new year-end EBITDA guidance in the range of \u20ac680-\u20ac710m ($725\u2013760m).<\/p>\n\n\n\n

The new target leverage ratio for the year-end 2024, including the impact of the Apuesta Total acquisition, is between 3.7x and 3.9x.<\/p>\n\n\n\n

A short statement was provided on IPO developments<\/a>, in which leadership underlined: \u201cThis continues to be an option, and its execution, particularly the timing, will depend on market conditions to ensure an optimal valuation of the company.\u201d<\/p>\n\n\n\n

Trading throughout the year will continue to focus on reducing CIRSA\u2019s corporate debt, which stands at \u20ac2.5bn ($2.7 bn) as of H2 trading.<\/p>\n\n\n\n

Don’t forget to subscribe to our Telegram channel!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Grupo CIRSA has raised its 2024 EBITDA guidance to \u20ac680m-\u20ac710m ($725m-\u20ac760m) as it seeks to expand its presence in South America through its acquisition of a majority ownership in Apuesta Total, a leading Peruvian bookmaker. Blackstone-owned CIRSA\u2019s H1 interim results show net revenue topping \u20ac1bn ($1.08bn). Trading during the period saw CIRSA\u2019s casino business unit […]<\/p>\n","protected":false},"author":10,"featured_media":6816,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[5,1],"tags":[9734,9737,9735,9736,1186,5901,823,746],"class_list":["post-6815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gambling","category-news","tag-acquisition-of-apuesta-total","tag-blackstone","tag-ebitda-2024","tag-grupo-cirsa","tag-peru","tag-reports","tag-south-america","tag-spain"],"yoast_head":"\nCIRSA Hits \u20ac1bn in Net Revenue Ahead of Apuesta Total Acquisition - SBC EURASIA EN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sbceurasia.com\/en\/2024\/09\/11\/cirsa-hits-e1bn-in-net-revenue-ahead-of-apuesta-total-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIRSA Hits \u20ac1bn in Net Revenue Ahead of Apuesta Total Acquisition - SBC EURASIA EN\" \/>\n<meta property=\"og:description\" content=\"Grupo CIRSA has raised its 2024 EBITDA guidance to \u20ac680m-\u20ac710m ($725m-\u20ac760m) as it seeks to expand its presence in South America through its acquisition of a majority ownership in Apuesta Total, a leading Peruvian bookmaker. 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