Cirsa enters Paraguay with majority stake in Slots del Sol
Spanish gaming group Cirsa has entered Paraguay after acquiring a majority stake in online casino operator Slots del Sol, marking its first investment in the country’s gambling market. The deal strengthens Cirsa’s presence across Latin America’s regulated online gaming sector and supports its wider expansion strategy through acquisitions.
Cirsa expands its Latin American footprint
Cirsa now controls one of the top operators of online casinos in Paraguay thanks to the acquisition. In addition to running two physical casinos and two gaming halls throughout the nation, Slots del Sol also maintains the Slotsdelsolonline.com website. Similar to Cirsa’s approach in other regulated areas, the company’s omnichannel concept blends online gambling with physical locations.
Through its collaboration with Apuesta Total, Cirsa already has a presence in Peru, and its Sportium brand is active in Colombia. Paraguay is the most recent addition to the company’s Latin American portfolio; it is also operating in Mexico.
Joaquim Agut, executive chairman of Cirsa, said Paraguay offers “an attractive and highly stable regulated market, with strong fundamentals”. He added that the acquisition supports the company’s long-term objective of expanding its online gaming business.
Deal backed by existing cash reserves
Cirsa said it financed the transaction using its available cash reserves. The company added that the purchase price was in line with valuation multiples seen in previous industry transactions and would not have a significant impact on its financial leverage.
Chief executive Antonio Hostench described Slots del Sol as a business with strong online capabilities and said the combination of Cirsa’s international experience and the Paraguayan operator’s local market knowledge would support future growth. He also said the deal is expected to strengthen the profitability of Cirsa’s online division.
The purchase is in line with Cirsa’s plan to grow through mergers and acquisitions. Since 2015, the corporation has undertaken over 130 acquisitions as it has expanded into foreign markets.
As regulated online gaming expands across Latin America, players can also compare game libraries, payout features and platform reliability through guides covering best real money slots sites before choosing where to play.
Expansion follows IPO and debt issuance
In July 2025, Cirsa went public on the Spanish stock exchange in an effort to raise more money for its acquisition plan. The company’s goal market valuation at the time was about €2.5 billion.
Additionally, Cirsa just finished issuing a €500 million loan. The profits, according to the firm, will be used to redeem a €375 million bond that is scheduled to mature in 2028. This will allow the company manage its debt profile while still making investments in expansion prospects.
Paraguay’s market opens to new investment
Cirsa’s move comes as Paraguay continues to open its gambling market following regulatory reforms. The country approved legislation in 2025 that ended its long-standing gambling monopoly and allowed greater participation by private operators. The changes have attracted interest from international gaming companies looking to expand into regulated markets.
According to market figures, Paraguay’s gambling industry generated PYG215.9 billion, equivalent to about €31.20 million, in 2025. The total represented a 22.9 per cent increase compared with the previous year and marked the highest annual revenue recorded for the sector.
The acquisition gives Cirsa an immediate position in Paraguay through an established operator, while extending its presence in one of Latin America’s growing regulated gambling markets.
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