CIRSA is doubling down on its Spanish casino estate as it prepares to unveil a revamped Casino Marbella on 23 July, combining a major expansion of its land-based venue with the launch of a new online gambling platform.
The launch marks the debut of casinomarbella.es, a new DGOJ-licensed online casino and sports betting platform that brings the Marbella brand into Spain’s regulated digital gambling market. The move forms part of CIRSA’s wider omnichannel strategy, allowing customers to move seamlessly between retail and online gaming.
The investment comes as CIRSA builds on a record 2025, when the group generated €753.5m in EBITDA, and targets €800m–€820m in 2026. As Spain’s largest gambling operator, the company continues to invest in both its physical casino portfolio and digital operations as competition intensifies across the regulated market.
The flagship property, located within the Hard Rock Hotel complex in Puerto Banús, has also expanded its gaming floor to feature more than 130 next-generation slot machines, alongside upgraded hospitality facilities and live entertainment. The investment is designed to position Casino Marbella as a premium leisure destination, extending its appeal beyond traditional casino gaming.
Casino Marbella, which opened in 1978, has undergone a series of modernisation projects in recent years. The latest redevelopment follows a comprehensive refurbishment completed in 2024 and reinforces CIRSA’s strategy of creating integrated entertainment venues that combine gaming, hospitality and live experiences.
€500m Bond Option
The Marbella investment also follows a significant financing milestone for the company. This week, CIRSA successfully raised €500m through a senior secured bond maturing in 2032, with the issue attracting strong demand from institutional investors despite volatile market conditions.
The proceeds will primarily refinance a €375m bond due in 2028, while also supporting broader corporate investment and strengthening its balance sheet as it pursues further growth following its 2025 IPO.
In Spain, attention remains focused on Blackstone’s next move, with the PE fund continuing to hold a 74% stake in CIRSA following its IPO. Investors are speculating whether the US fund will retain its majority position or begin a reduction of its shareholding, in the gambling group it has owned since 2018.
At CIRSA’s AGM, Chairman Joaquim Agut told shareholders he believes the group is “the most undervalued gambling PLC in Europe”, in which he pointed to its leading position in Spain accompanied by ‘dynamic growth options’ in underdeveloped Latin American markets.
