CIRSA on Track to Meet 2009 Expectations

Posting its fifteenth consecutive quarterly profit, Spain's CIRSA Gaming Corporation S.A has reported operating profits of €55 million for the third quarter of 2009, an increase of 3% on the corresponding period last year.

The company reported total revenues of €1.22 billion for the nine month period, with revenues during the third quarter amounting to €405 million. Operating profits for the nine month period increased 5% to €157 million.

CIRSA said that it has now introduced over 5,000 new gaming machines in Madrid through the company's B2B division, including the installation of video machines in hotels and catering establishments. The company now controls 52% of the total gaming machines in its home market of Spain.

In Italy CIRSA now has over 7,400 recreational machines, which lead to a 24% increase in revenues during the quarter, while the company also benefited from revenue increases, structural improvements and bigger gaming offers in Latin American markets, particularly Argentina, Panama, Venezuela and Ecuador.

Meanwhile Sportium, the company's joint venture with UK bookmaker Ladbrokes, now has 82 betting outlets open in Madrid, on track with its target of opening 100 outlets by the end of the year. Sportium recently signed a co-operation agreement with Spanish daily sports newspaper Marca, under which the company can relay its offers to more than 2.7 million readers and over 500,000 daily listeners of Radio Marca.

CIRSA said that its video lottery terminals (VLT) project in the Italian market is now in the test and verification stage, and is expected to launch at the start of Q2 2010 in bingo halls, betting halls and gaming halls within the country.

The company added that following the results for the nine month period, it expects to meets its operating plans for the year, as well as consolidate its leadership in Spain, Italy and Latin America.