First-half Success For Cirsa Gaming Corporation
Spanish gambling operator and slot manufacturer Cirsa Gaming Corporation has released its financial results for the six months to the end of June showing an 8% increase year-on-year in overall profit to $221.61 million while its operating income rose by 0.6% to $885.99 million.
Barcelona-based Cirsa declared that the results exceeded its own expectations despite the initiation of plans designed to improve its operations across multiple jurisdictions and business verticals.
“The correct implementation of the group’s operational plans in the different geographies and businesses along with the overall improvement of all activities in Spain have helped to achieve these results and confirm market expectations,” read a statement from Cirsa Gaming Corporation.
For the second quarter, the Spanish firm revealed that turnover remained relatively flat when compared with the same period in 2015 at $448.62 million while its profit for the three months swelled by 7.4% year-on-year to $110.86 million.
“All countries in our Latin American casinos division managed to increase revenues and earnings in local currencies, which partially mitigated the significant devaluation of the Argentine peso by 65.4% and the Colombian peso by 23%,” read the statement from Cirsa Gaming Corporation. “Such growth, coupled with the widespread implementation of optimization and cost reduction plans, has also helped to minimize the impact of exchange rates. Spain casinos continue their favorable trend both in the number of visits and consumptions made.”
Cirsa Gaming Corporation operates some 133 land-based gaming facilities featuring in excess of 40,000 machines while moreover being responsible for 3,125 lottery terminals, 71 bingo halls, 1,700 sportsbetting outlets and 2,558 video lottery terminals.
“Our slots division maintained favorable revenue growth initiated in previous periods as a result of our rigor in improving park management, optimizing “recanje” and more favorable market conditions,” read the statement from Cirsa Gaming Corporation. “We also continue to attract business and reopen new outlets with clear profitability criteria.”