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Cirsa has added Paraguay to its Latin American portfolio through the acquisition of online slots operator Slots del Sol, the latest addition to a decade-long acquisition run that now exceeds 130 deals.
The transaction gives the Spanish gaming group a majority stake in the operator and represents Cirsa’s first entry into the Paraguayan market.
Cirsa described the Slots del Sol purchase as consistent with the “aggressive M&A strategy” it outlined last year. As of July 2025, the company had completed more than 130 acquisitions over the preceding decade.
CEO Antonio Hostench pointed to Slots del Sol’s “exceptional performance” and “outstanding capabilities in online operations.” He said combining Cirsa’s global experience with the local expertise of Slots del Sol will “drive future growth” and improve margins within the company’s online division.
The acquisition follows Cirsa’s July 2025 listing on Spanish stock exchanges, which raised capital intended to fund merger and acquisition activity. At the time of the IPO, the company targeted a total market valuation of €2.5 billion ($2.9 billion).
The Slots del Sol deal also comes days after Cirsa completed a €500 million ($569 million) bond offering, with proceeds intended to redeem a €375 million ($427 million) bond due to mature in 2028.
The Slots del Sol transaction was financed from Cirsa’s available cash reserves. The company said the purchase price aligns with valuation multiples observed in prior industry deals and will not materially affect its financial leverage.
With Slots del Sol, Cirsa now holds operations in four Latin American markets. The company operates in Peru through a partnership with Apuesta Total and in Colombia through Sportium, in addition to its existing presence in Mexico.
Joaquim Agut, Cirsa’s Executive Chairman, said Paraguay is “an attractive and highly stable regulated market, with strong fundamentals.”
Slots del Sol operates two land-based casinos and two gaming halls located across Paraguay.
Paraguay passed legislation last year ending its gambling monopoly, opening the market to private operators.
Following the change in regulation, Paraguay’s gambling market generated PYG215.9 billion ($32.6 million) in 2025, the highest figure on record for the country. The total represents a 22.9% increase over 2024.