Spanish gaming and entertainment giant CIRSA has announced the acquisition of a majority stake in Slots del Sol, Paraguay’s leading online casino operator. The move marks CIRSA’s first entry into the Paraguayan market and aligns with its strategy of international diversification and expansion within Latin America’s regulated gaming sector.
Slots del Sol operates an established iGaming platform via slotsdelsolonline.com, alongside two land-based casinos and two gaming halls across Paraguay. This combination of online and physical operations fits CIRSA’s omni-channel strategy, which it employs in other markets such as Peru, Colombia, and Mexico.
Strategic Rationale and Growth Potential
According to Joaquim Agut, Executive Chairman of CIRSA, the acquisition underlines the company’s commitment to accelerating growth in the online gaming segment. “Paraguay represents an attractive and highly stable regulated market, with strong fundamentals, and Slots del Sol provides us with a leading platform from which to continue expanding our online capabilities in the region,” he said in the company’s press release.
Antonio Hostench, CIRSA’s CEO, highlighted the operational excellence of Slots del Sol. “The company has demonstrated exceptional performance, with outstanding capabilities in online operations. We are confident that combining our global expertise with their local knowledge will drive future growth and contribute to improving the margins of our online gaming business,” he added.
The financial terms of the acquisition were not disclosed. CIRSA has stated that the deal is consistent with previous transactions and will be financed using available cash. The company emphasized that the acquisition is expected to be accretive, with a positive impact on profitability and value creation.
This acquisition continues CIRSA’s aggressive merger and acquisition strategy, which has seen the company complete over 130 deals since 2015. CIRSA IPO’d on Spanish stock exchanges in July 2025 with a market valuation of €2.5 billion ($2.9 billion), seeking capital to support expansion across multiple markets.
Paraguay’s Regulatory Environment and Market Potential
Paraguay has recently liberalized its gaming market by ending the previous gambling monopoly and allowing private operators. The country reported record gambling revenues in 2025, generating PYG215.9 billion ($32.6 million), a 22.9 percent increase compared with the previous year. The market’s stability and low tax burden make it a highly attractive entry point for CIRSA, whose strategy focuses on markets with established regulations and growth potential.
Carlos Liseras, President of Paraguay’s regulatory body Conajzar, praised the country’s market reforms, noting that deregulation and low taxation have encouraged private operators to enter the sector, boosting overall industry revenue.
CIRSA’s acquisition of Slots del Sol strengthens its position in Latin America, complementing existing operations in Peru and Colombia. By combining CIRSA’s global operational experience with local expertise, the company aims to enhance its omni-channel strategy and optimize its online gaming margins.
The move reflects CIRSA’s broader plan to expand its footprint across regulated digital gambling markets, leveraging acquisitions to accelerate growth and diversify revenue streams. Both Agut and Hostench expressed confidence that the Paraguayan market offers long-term potential for stable growth and profitability.