Blackstone Again Considering Initial Public Offering of Spanish Gaming Group Cirsa
Posted on: June 10, 2025, 11:00h.
Last updated on: June 10, 2025, 11:05h.
- Blackstone is reportedly considering a Cirsa IPO
- Cirsa is a large Spain-based gaming organization
- Cirsa manages over 400 casinos and gaming halls
The Blackstone Group is reportedly once again considering bringing on individual investors and mutual funds to its Cirsa Gaming Corporation holding.
Blackstone, which is heavily invested in the global gaming marketplace, with its holdings including Crown Resorts and several properties on the Las Vegas Strip, acquired Cirsa in 2018.
Cirsa operates more than 400 casinos and gambling halls in Spain, Italy, and Latin America. The Spanish gaming company additionally manufactures and distributes slot machines and has an iGaming and online sports betting business.
In the years after Blackstone acquired Cirsa for a sum that wasn’t made public — though it was estimated to be in the neighborhood of $2.6 billion — rumors swirled that the private equity giant might take the enterprise public through an initial public offering. Such rumblings were reported in 2021, 2023, and earlier this year.
Blackstone ultimately opted not to take Cirsa public in years past, instead opting to inject the corporation with almost $300 million to reduce leverage. Now, however, the timing might be more attractive.
Rival Shares Surging
In February, reports emerged that Blackstone was again reviewing a possible Cirsa IPO. Reuters reported that Blackstone was considering offering a placement of between 700 million to $1 billion euros, which the investment management firm would use to pay down debt.
Bloomberg reports that a Cirsa offering could be attractive, as one of its primary competitors — Italian gaming giant Lottomatica Group — has seen its shares soar more than 150% since its 2023 debut.
In 2024, Cirsa’s operating revenues climbed to $2.92 billion, up over 7% from 2023. Earnings before interest, taxes, depreciation, and amortization (EBITDA) improved by 11% to nearly $800 million.
No final decisions have been made, and the timing and structure of the transaction are subject to change,” the Bloomberg report detailed.
Blackstone and Cirsa both declined to comment on the speculation.
Cirsa Gaming Group
Cirsa employs about 15K people in the many countries where it runs casinos and gambling products.
Cirsa has casinos in Colombia, Costa Rica, the Dominican Republic, Mexico, Morocco, Peru, and Spain. Cirsa additionally manages 280 gaming rooms that last year welcomed about 7.6 million visitors, the company claims.
Cirsa operates online and retail sports betting under the Sportium brand. The Sportium platform additionally operates online casino gaming in European markets where iGaming is allowed.
Along with providing slots for its casinos and gaming halls, Cirsa’s Amusement Machines division develops, manufactures, and distributes gaming terminals across Europe and Latin America.
In addition to Crown Resorts, the largest casino company in Australia, Blackstone has ownership positions in the physical assets of The Cosmopolitan, Bellagio, Aria, and Vdara on the Las Vegas Strip.
Recently, speculation has risen about Blackstone making a play for ailing Star Entertainment, Australia’s other casino operator in the country’s gaming duopoly. Such an acquisition would be dependent on regulators agreeing to allow a single entity to control Australia’s gaming industry.
Blackstone is considered the largest private equity firm in the world in terms of assets under management (AUM). At the end of 2024, Blackstone had $941 billion in total AUM.
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