| Cirsa is completely focused on gaming (machines). | | | | by law; the casino business is both profitable and risky |
| This company was founded in Barcelona in 1978 by | | | | ... not in the last place because it is facing a negative |
| Manuel Lao Hernández. Today, according to | | | | image of money laundering. |
| the website, the company employs more than 12000 | | | | The company has doubled in revenue over five years, |
| people, owns 200 subsidiaries and is present in more | | | | from 600 million euros (in 1994) to 1200 million euros in |
| than 70 countries. | | | | 2001. The years 2001 and 2002 were problematic and |
| The son of the founder -- Manuel Lao Gorina is still | | | | after a new strong year the last thee years the |
| dedicated to the company as vice-president. | | | | revenues show a more moderate growth (1566, 1657 |
| The current business is divided in four divisions: Slots, | | | | and 1700 million of euros for 2005 to 2007) |
| Casinos, Bingos and the production of game-machines. | | | | This company profile is also a profile of continuous |
| The first one (slots)make up about 47% of the sales | | | | change. It all started with the own production of gaming |
| and contribute 45% to the earnings ("ebitda"), the | | | | machines, which is now the fourth business division |
| second largest division is dedicated to bingo, which | | | | with the lowest growth-rate. The question will be |
| attributes 23% of the sales and 12% to the earnings. | | | | whether the production of game-machines will continue |
| Casinos however show the highest growth-rate it is | | | | to be part of the company. To date, 45% of |
| also the most profitable. | | | | game-machine sales in Spain originate from Cirsa. |
| Another division of more recent origin is dedicated to | | | | On the website (1) there is a special section dedicated |
| interactive and online games. The casino business of | | | | to investors, but it is protected (only institutional |
| Cirsa started with a takeover of the emblematic | | | | investors are granted access). On the internet there is |
| casino in Marbella in 1985. | | | | information about a delayed IPO's in 1999 and 2000, |
| Besides being present in Spain which comprises 69% | | | | but what happened afterwards remains unclear... The |
| of the business, the company is present in Italy (12%), | | | | stocks are not traded in Madrid, but there seems to be |
| Argentina (6%) and other South American countries. | | | | bonds of the company traded on the London Stock |
| The first casino there was opened in 1990 in the | | | | Exchange (LSE). |
| Dominical Republic. | | | | The annual report too is only for institutional investors. |
| According to the current president, Joaquin Agut who | | | | That this company is not publicly listed is a real pity. |
| was chosen in 2006 (previous CEO of Terra and | | | | Imagine a company dedicated to games and |
| Endemol), Argentina will open one of the largest | | | | speculation, shouldn't it at least offer the possibility to |
| casinos in 2009. On the internet however there are | | | | speculate in the stock of the company? |
| many stories about a casino-ship that is being closed | | | | |