If you have walked into a casino in Morocco recently, there is a fair chance it is run by Cirsa. The Spanish group says business is growing, even if one part of it is slowing down.
Cirsa reported an 8% rise in operating profit in the first three months of the year. Its core earnings reached €193.9m, up from €178.8m a year earlier.
Revenue also rose 8% to €623m, a record for the company. Adjusted net profit jumped 33% to €70m. Its profit margin stayed strong at just over 31%.
The company, owned by Blackstone, runs casinos, slot machines and betting platforms across Europe, Latin America and Morocco.
Morocco is becoming more important in its plans. At the end of 2025, Cirsa bought a 50% stake in the Grand Casino de La Mamounia in Marrakech. It already runs casinos in Tangier and Agadir.
In total, the group now operates four casinos in the country. That gives it a strong position in a tightly controlled market with only a few licences. Morocco still makes up a small share of its global profits, about 3%, but it attracts high-spending tourists.
Not everything went up. Profits from its online betting business fell 12%. This was mainly due to higher taxes in Peru and weaker sports results.
The rest of the business did better. Physical casinos remain its main source of money, bringing in €258.5m during the quarter.
Investors were not fully convinced. The company’s share price fell by as much as 2.9% early in the day. Some analysts were expecting better results from the online side.
Cirsa went public in July 2025, with Blackstone keeping a 78% stake. Since then, the stock has dropped by about 15%.
The company is still looking to grow and may speed up new deals if the right opportunities come up. Its finances are solid, with lower debt and €75m paid out to shareholders this month.
