Revenue and operating profit down at Cirsa in Q3

Revenue for the three months through to 30 September amounted to €232.8m (£207.4m/$276.8m), down 40.7% from €392.3m last year as the operator said it continued to feel the impact of Covid-19 measures.

However, it also said that the situation improved compared to the first half, with revenue up 450.4% from €42.3m in the second quarter.

Though the operator did not go into full details on its financial performance in Q3, it did state operating profit reached €37.5m, down 68.1% from last year, but up from a loss of €51.4m in Q2.

Cirsa highlighted the reactivation of the hotel industry and land-based gambling sector in Spain and Italy as a major factor in Q3, while it was also helped by the gradual reopening of its venues in Latin America towards the end of the quarter.

Focusing on its operating units, Cirsa said its casinos in Spain and, towards the end of Q3, in both the Dominican Republic and Colombia, began to recover, with a good level of visits across its venues.

In terms of slots, though Cirsa said operations were restricted due to Covid-19 measures in all market, the reopening of the hotel and catering establishments and the implementation of its reactivation plans helped the unit recover.

Slots were also helped by the launch of two new models of machines in the form of Manhattan and Oro del Faraón. Sales of the new machines also led to a return to normality within the Cirsa Unidesa B2B division.

Meanwhile, activity in Italy restarted at the beginning of July, which Cirsa said allowed for the gradual recovery of amusement with prize machines, video lottery terminals and gaming halls. In Mexico, Cirsa was able to reopen land-based venues, but faced strict measures in terms of opening times and capacity.

Cirsa kept all bingo rooms open during the third quarter and, despite having to contend with opening time restrictions, was able to increase the level of activity and number of visits month-on-month. The operator was also able to reopen all of its salons in Spain in July – in line with national Covid-19 measures.

The Sportium sports betting retail business was fully operational during the third quarter and, along with its online operations, benefitted by the return of major sports competitions in the period.

For the year to date, through to the end of September, revenue amounted to €630.9m, down 45.2% on last year, while operating profit fell 77.5% year-on-year to €74.9m.