Cirsa raises the flight in New Zealand and Latin America
The data referring to the first quarter of 2021 invite optimism. Despite the operational downturn caused by the closures and restrictions due to the coronavirus in Cirsa's casinos, gaming halls and bingo halls, the company has achieved relatively decent results. The impact on operating hours has been great, although it has begun to recover strongly since March.
Despite the fact that the Latin American and Spanish casinos operated by Cirsa have remained closed during the first months of the year, it has been possible to observe a rapid recovery of customers in those places where partial reopenings of the business have taken place. ©AidanHowe/Pixabay
We cannot forget that 2020 was really bad for him to Cirsa, with an ERTE which affected more than 80% of the workforce, while the online division with Sportium at the head it was still afloat, although also suffering from the restrictions of the pandemic with the cancellation of sporting events.
Earnings before taxes and interest (EBITDA) exceeded a negative balance of 50 million euros , raising the company's total net debt by more than 2 billion euros. These are data from 2020. The operating capacity of Cirsa's gambling halls, casinos and bingos was reduced by 66% during the first three months of 2021.
However, the company Cirsa, in the hands of the Blackstone investment fund, achieved in this first quarter an operating profit of 28.6 million euros , with operating income standing at 154.6 million euros. The figure is clearly disappointing for the company, when in the same period in 2020 it had closed the quarter with more than 88 million in operating profit, which was, however, 14% less than the previous year.
Under the information disseminated by Cirsa itself, the data reflect a major recovery from the month of March coinciding with the relaxation of restrictions in some countries and regions, although the behavior has been uneven. In any case, the situation remains very complicated, and Cirsa expects a complete recovery of activity during the second part of the year with the acceleration of the vaccination process.
In general, in all physical casinos, bingos and gambling halls operated by the company both in New Zealand and in Latin America (Mexico, Colombia, Costa Rica, Dominican Republic), with the partial opening of establishments and having implemented the corresponding sanitary protection measures, it was possible to observe a recovery in the volume of activity that in some places reached 80% of the income achieved in the pre-COVID period.
CIRSA expands its presence in Colombia
Cirsa is present in Colombia through Winner Group, the largest group of Colombian physical casinos, with brands such as Caribe Casino or Broadway Casino in Bogotá, Medellín, Cali, Barranquilla, etc. As we have already pointed out on more than one occasion Colombia represents the most dynamic market in South America. The igaming GAT fair to be celebrated in a few days in Cartagena de Indias is a sample of this.
Sportium Colombia has an operating license (Contract 1517) of Coljuegos under the company Sportium Apuestas Colombia S.A.S. The decision has been to incorporate one hundred percent Sportium to Cirsa Winner Group and thus turn it into one of the 5 largest Colombian operators .
In this way, Cirsa unites digital and physical operations under a single roof at a time when the union of know-how and this is more necessary than ever to overcome the negative consequences of the coronavirus pandemic.
