According to sources, interest from investors may lead the Spanish casino and bingo hall operator Cirsa Gaming Corporation SA to consider an initial public offering or sell a minority stake. The company also may be open to an outright sale or merger, possibly with another gaming company, said sources who requested anonymity due to private deliberations. It’s estimated Cirsa could be sold for $2.3 billion in a potential sale, observers said.
Cirsa owner, billionaire Manuel Lao Hernandez, is said to be working with financial advisory firm Lazard Ltd to review options, which still may include deciding against any transaction.
Cirsa was founded in 1978 in Terrassa, just outside Barcelona. As Spain’s biggest casino and bingo hall operator, Cirsa operates 134 casinos, more than 41,500 recreational machines, 68 bingo halls, 171 arcades, 2,000 sports betting outlets and more than 3,000 lottery terminals in Spain, Italy and Latin America.
