written and last updated by
Sam Smith at
30 May 2025
Journalist, Editorial Department
Spanish gaming operator Cirsa has released its financial results for the first quarter of 2025, reporting revenues of €576.7 million (₽51.29 billion), a 12.5% increase compared to the same period last year.
The growth in revenue and EBITDA is attributed to impressive results from the online segment, with digital product sales accounting for 22.7% of total revenue, up from just 16.5% in the first quarter of 2024. The company's profit for the period reached €179 million (₽15.92 billion), surpassing internal forecasts.
In the iGaming sector, revenue surged by 54.8%, reaching €145.1 million (₽12.91 billion), while EBITDA stood at €24.3 million (₽2.16 billion).
Spain remains the primary source of revenue for Cirsa, with income from gaming machines hitting €108.2 million (₽9.62 billion), an increase from last year's €99.9 million (₽8.88 billion). EBITDA in the Spanish market rose to €54.5 million (₽4.85 billion), compared to €46.3 million (₽4.11 billion) in 2024.
Italy follows closely, with operational revenue of €103.4 million (₽9.2 billion). In Latin America, Panama, Colombia, and Mexico emerged as key profit drivers.
Amid these positive financial results, Blackstone is once again preparing Cirsa for an initial public offering (IPO) on the Madrid Stock Exchange. The organization first announced its intention to pursue an IPO back in December 2021, with an estimated valuation of $3.4 billion (₽266.9 billion) at that time.
As it awaits the listing, Cirsa continues to strengthen its market position. In 2023, the company partnered with Zitro to launch the Mega King platform in the Mexican market.
Additionally, representatives from Newport World Resorts casino reported an increase in revenues for the first quarter of 2025.
