Spanish gaming giant Cirsa has expanded its Latin American footprint by acquiring a majority stake in Paraguayan operator Slots del Sol, marking the company's first entry into the country's regulated gambling market.

The acquisition strengthens Cirsa’s omnichannel presence across Latin America as the company continues pursuing an aggressive acquisition strategy following its stock market listing in 2025.

First step into Paraguay

The deal gives Cirsa a controlling interest in Slots del Sol, one of Paraguay’s established gambling operators.

The company operates the online platform Slotsdelsolonline.com, as well as two land-based casinos and two gaming halls across the country.

Cirsa said the acquisition reinforces its "strategic commitment to accelerating growth in the online gaming space" while providing a platform to expand further within Paraguay's regulated market.

The transaction was financed using the group's existing cash reserves and, according to the company, will not materially affect its financial leverage.

Paraguay offers attractive growth opportunities

Executive Chairman Joaquim Agut described Paraguay as an appealing market for long-term investment.

He highlighted the country's stable regulatory environment and favourable market fundamentals as key reasons behind the acquisition.

"Paraguay is an attractive and highly stable regulated market, with strong fundamentals," Agut said.

The move reflects Cirsa’s strategy of focusing on regulated jurisdictions that offer long-term growth opportunities rather than expanding into grey or unregulated markets.

Cirsa sees strong online growth potential

Chief Executive Officer Antonio Hostench praised Slots del Sol's performance and said the acquisition creates significant opportunities for future growth.

He pointed to the Paraguayan operator's strong local expertise and established online capabilities as important assets that complement Cirsa's international experience.

Hostench said combining the two businesses would help accelerate the growth of Cirsa’s online division while improving operating margins.

The acquisition forms part of what Cirsa has previously described as its "aggressive M&A strategy", aimed at strengthening its position across regulated gaming markets through targeted acquisitions.

Expansion continues after IPO

Cirsa listed on the Spanish stock exchange in July 2025, seeking additional capital to support its acquisition strategy.

At the time of its initial public offering, the company targeted a market valuation of approximately €2.5 billion.

The business has been one of the gambling industry's most active consolidators, completing more than 130 acquisitions since 2015.

The Paraguay transaction also follows the successful placement of a €500 million debt issuance, announced only days earlier.

The proceeds will primarily be used to refinance a €375 million bond due to mature in 2028, further strengthening the group's financial position as it continues expanding internationally.

Latin American presence continues to grow

The acquisition adds Paraguay to Cirsa's growing portfolio of Latin American operations.

The company is already active across several regulated markets, including:

- Colombia, through Sportium.

- Peru, via a partnership with Apuesta Total.

- Mexico.

Adding Paraguay further reinforces Cirsa's strategy of building a diversified regional presence across Latin America's rapidly expanding regulated gambling sector.

Paraguay's regulated market attracts investment

Cirsa's arrival comes shortly after Paraguay introduced one of the most significant regulatory reforms in its gambling industry.

Last year, the country approved legislation ending its long-standing gambling monopoly and opening the market to greater private sector participation.

The reforms have already begun attracting international investment.

Speaking about the market's prospects following liberalisation, Conajzar President Carlos Liseras previously highlighted Paraguay's competitive tax regime and growing appeal for international operators.

"In addition to the fact that Paraguay has a law on the demonopolisation of gambling, the tax burden is the lowest in the region and Paraguay has become an important country for visiting," Liseras said.

The liberalisation has also translated into strong market growth.

Paraguay's gambling industry generated PYG215.9 billion (US$32.6 million) in revenue during 2025, representing a record high and an increase of 22.9% compared with the previous year.

Positioning for further regional growth

For Cirsa, the acquisition represents another strategic step in building scale across Latin America's regulated gambling markets.

With Paraguay now joining its expanding regional portfolio, the company continues to position itself as one of the most active international investors in the region's fast-growing online and land-based gaming sectors.

Sources: iGamingBusiness