In a major shift of ownership in Spain, the giant Cirsa Gaming Corporation has been acquired by Blackstone, the private equity fund.
The purchase was from the personal ownership of Manuel Lao Hernández, the founder of Cirsa in 1978. Cirsa, based in Terrassa, near Barcelona, has 147 casinos, 178 gaming arcades and runs more than 75,000 machines. It also has 70 bingo halls and 2,000 sports betting terminals in Spain, Italy and Central and South America.
The new ownership sees current CEO Joaquim Agut take over as chairman. Agut has seen the group triple in size since he took over as CEO in 2006. The only part of the Cirsa business that is not being transferred to the new owners is that in Argentina, where Lao will continue to run it.
Said Lionel Assant, for Blackstone: “Joaquim and his team have achieved profitable and outstanding growth over the past 12 years, making Cirsa a leading international operator in gaming and leisure.”
