CIRSA History and Acquisitions: From 1978 to the Proposed Lottomatica Merger

CIRSA Timeline at a Glance

How CIRSA Began in 1978

Manuel Lao Hernández founded CIRSA in Terrassa during the year gambling rules were liberalised in Spain. The early opportunity was practical: operating B-type gaming machines in hospitality venues, followed by developing and manufacturing equipment. CIRSA's official chronology records manufacturing activity from 1979 and Casino Marbella as an early casino milestone in 1985.

That sequence matters because it explains a portfolio that can look unusually varied today. Machine placement relies on relationships with venues, manufacturing relies on products and technical support, and casino management requires a different operating environment. CIRSA built experience in more than one part of the industry before online gambling became a major distribution channel.

The company subsequently expanded into bingo halls, casinos and international markets. Its published history includes activity across Latin America and Europe, although historical presence does not establish a continuing licence or wholly owned subsidiary in each location. A 1990s or 2000s casino mentioned in a corporate timeline should not automatically be placed in the 2026 portfolio.

CIRSA's international expansion began well before Blackstone. It entered bingo in 1989 by acquiring two halls, then acquired its first casino in the Dominican Republic in 1990. The purchase of Grupo Portal in Peru in 1996 established another regional foothold. In 1998, Manuel Lao Hernández consolidated ownership by buying his brother Juan's shareholding. Together, these milestones show how the business widened geographically and how control evolved before the 2018 sale.

The Blackstone Acquisition in 2018

The acquisition by private-equity funds managed by Blackstone was the clearest ownership turning point since CIRSA's foundation. On 27 April 2018, the parties announced an agreement for the acquisition of CIRSA Gaming Corporation. Official CIRSA reporting describes closing in July 2018; the company's 2019 investor presentation gives 3 July as the acquisition date.

There is an important limitation often lost in the shorthand “Blackstone bought CIRSA”: the Argentine business was excluded and remained separately managed by Manuel Lao. The exclusion appears in CIRSA's contemporary announcement and later results presentation. It means historical references to casinos or operations in Argentina cannot simply be carried into the post-2018 Blackstone-controlled perimeter.

This was more than an investor replacing a founder. The relevant business perimeter changed, and later acquisitions were undertaken by a group operating under a different control structure. Yet the Blackstone transaction should not be presented as a purchase of every asset that CIRSA had ever operated, nor as proof of personal ownership by Blackstone executives.

The 2018 transaction also did not make CIRSA a public company: the stock-market debut came seven years later. The changing shareholder structure, intermediate holding vehicles and board representation are covered in CIRSA ownership and leadership.

The Acquisitions Behind CIRSA's International Growth

One useful way to read CIRSA's acquisitions is by what capability they added. A casino takeover extends a physical footprint; an operator acquisition may bring a digital product and regulatory presence; buying a slot-route company expands machine placement rather than equipment manufacture. The distinction prevents a long transaction list from becoming misleading.

The Peru rows illustrate why a date needs a label. The Apuesta Total prospectus distinguishes an agreement in March from closing on 10 July 2024; the consolidated accounts use 11 July as the accounting acquisition date. Those are not three competing versions of the same event. The four Peruvian casinos purchased in December 2025 were a separate land-based transaction, not additional Apuesta Total brands.

Later acquisitions sometimes involved only control or a partial interest, not all shares. The 50% La Mamounia purchase, for example, must not be silently rewritten as a wholly owned casino. For the legal company-to-brand chains, see CIRSA brands and subsidiaries.

Portugal: Two Different Expansion Stories

Portugal is the most revealing case because two acquisitions are easily conflated by their similar names and geography. CasinoPortugal.pt is an online consumer business associated with SFP Online, S.A.. Casino Figueira is a land-based venue operated by the separate Sociedade Figueira Praia, S.A.. The two companies have different legal identities and transaction histories.

There is a further historical trap. Sociedade Figueira Praia once held 32.67% of Estoril-Sol, but an August 2026 reorganisation transferred that share block to another company. It would be wrong to count Estoril-Sol as a current CIRSA subsidiary merely because of the earlier association. The separate country, operator and licence questions belong in CIRSA markets and licences.

CIRSA Becomes a Listed Company

On 9 July 2025, shares in Cirsa Enterprises, S.A. began trading on the Spanish exchanges, including Madrid and Barcelona. CIRSA had confirmed an initial public offering at €15 per share, combining newly issued shares with a secondary sale. The important historical change was the shift from a privately controlled group to a publicly listed issuer with market disclosures, while Blackstone-managed funds remained influential shareholders.

Public-company status did not replace the underlying casino and betting businesses or instantly make CIRSA independent of its principal shareholder. It changed access to equity capital, disclosure obligations and the way investors could hold its shares. IPO pricing, subsequent shareholdings and trading data belong on the CIRSA shares and IPO page rather than in a corporate history.

The Proposed CIRSA - Lottomatica Merger

The proposed CIRSA - Lottomatica merger may become the next defining change, but as at 4 November 2026 it had not taken effect. On 2 September 2026 the companies announced a binding agreement for a proposed cross-border combination. On 8 October their boards approved common draft merger terms. Those steps are material, but neither is a completed transfer of the operating businesses.

The proposed structure envisages Lottomatica as the surviving legal company, with Cirsa Enterprises being absorbed only if the transaction enters into force. That would be a legal combination, not the disappearance of CIRSA's operating venues or products. The exchange terms describe 0.668 new Lottomatica shares per CIRSA share, subject to the documented process. Neither the exchange ratio nor a future dividend should be presented as a transaction already settled.

The distinction is particularly important for readers examining the portfolio: Lottomatica's existing brands are not current CIRSA subsidiaries. Pre-completion comparisons must keep the groups separate. For the commercial uncertainty and potential consequences, see CIRSA risks and opportunities.

What These Milestones Changed

The pattern is not uninterrupted expansion. Control changed, geographic assets were excluded, subsidiaries were merged or reorganised, and newer digital businesses were added alongside older land-based operations. Financial comparability across these changing boundaries requires the dated accounts, rather than a simple growth line. See CIRSA financial results for that separate task.

FAQ

The Bottom Line

CIRSA's history is best understood as a series of changes in control, channels and geographic scope. The 2018 Argentine exclusion, distinct Portuguese transactions and conditional 2026 merger illustrate why an announcement must never be confused with a completed change of ownership. The story is current to 4 November 2026; later merger and shareholder developments require fresh primary verification.