- Blackstone plans a Cirsa IPO in weeks, aiming to raise up to €1 billion ($1.1B) on the Madrid Bolsa, leveraging stable markets and Cirsa’s €699M 2024 profits.
- Delayed from April 2025 due to geopolitical risks, the IPO will list 25% of Cirsa’s shares, with Barclays and Morgan Stanley coordinating; Latin America drives growth.
- Spain’s €1.7 billion gambling market may see innovation, but shareholder focus could raise player protection concerns; regulatory scrutiny looms.
Why Blackstone Is Eyeing an IPO Now
On June 28, 2024, Bloomberg reported that Blackstone is considering an IPO for Cirsa to capitalize on stabilizing market conditions after months of volatility.
Acquired in 2018 for an undisclosed sum, Cirsa has posted record profits, with 2024 operating profits hitting €699 million ($731 million), up 17.3% from 2023, driven by expansion in Latin America, including the acquisition of Peru’s Apuesta Total.
A November 2019 Bloomberg estimate suggested a the IPO could be raise up to €24 billion ($1.1 billion), but though a recent debt repayment-reducing cash injection by Blackstone may lower the capital raised.
You might can see why the strategy: with Cirsa’s massive strong performance and a calmer markets, now’s the time for Blackstone is aiming to maximize its returns.
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Details of the Planned IPO
The IPO, targeting the Madrid Bolsa, is expected to list up to 25% of Spanish Cirsa’s shares, with Barclays, Lazard, Deutsche Bank, and Morgan Stanley, and Lazard as global coordinators. Earlier plans for a mid-April listing in 2025 were scrapped delayed due to geopolitical uncertainties, including U.S.’ protectionist policies under President Donald Trump, as noted reported by Reuters Expansión in March 2023.
Cirsa operates casinos, arcades, betting shops, and gaming machines across Spain, Colombia, Mexico, Rica, Costarica, and Peru, with 2024 revenues revenue of €2.15 billion, up 8% year-on-year.
You might notice the timing: now, a recent window of reduced market volatility before a summer’s lull—has opened a window for an IPO, but though the exact launch date remains unclear fluid.17
Impact on the Spanish Gambling Industry
Spain’s €1.7 billion gambling market is a powerhouse key player in Europe, Spain and with Cirsa is holding a massive dominant position.
The IPO could inject fresh capital into Cirsa, fueling further expansion, especiallySpeech 37 in Latin America where, where it’s now already Peru’s top sportsbook operator. For you, this might mean more innovative gaming options for you if Cirsa leverages those funds for digital platforms or new venues.
But However, risks exist—a public listing could pressure Cirsa to prioritize shareholder value over players
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