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08/01/2007 Ladbrokes signs JV with Cirsa Slot to target Spanish market
Ladbrokes and Cirsa Slot Corporation SL have established a 50:50 joint venture company (JV) to develop a sports betting business in Spain.
The JV will combine Ladbrokes, the world's biggest bookmaker, with operations in the UK, Ireland, Belgium and Italy with Cirsa Slot, the leading slot machine company in Spain. Cirsa Slot accounts for 9% of the Spanish slot machine market, servicing over 15,000 food and beverage outlets with gaming areas and 90 arcades. The company is a division of CIRSA Corporation, which owns and operates casinos, arcades and bingo halls throughout the country.
The JV company will apply for the new betting licences being offered in Madrid where a new decree was passed in December 2006 regulating dedicated betting shops, non-dedicated betting kiosks (bars, arcades and bingo halls) and remote betting (telephone and Internet) for the first time. Applications for the licences, which initially last five years, but are renewable, will be submitted to the Madrid regional government when requested, likely to be by mid-January.
The JV will also work to secure betting licences in other areas of Spain that are also considering regulating betting for the first time. Several of the other 16 regions of Spain are believed to be actively considering similar betting regulation. The Spanish gambling market was worth around €29bn last year.*
Christopher Bell, Chief Executive of Ladbrokes plc commented: "This represents another major step forward in our international aspirations. In December we opened our first shops in Italy and successfully tendered for new licences. Now we have formed a JV with a market leader in Spain that gives us access to a network of thousands of potential site operators. As soon as regulation allows we are confident that the combination of Ladbrokes' vast experience and expertise in betting and the local knowledge and operational capability of Cirsa will build a strong business in Spain."
Pablo Alcalá, Director of Cirsa Slot commented: "Sports betting is set to become an increasingly mainstream activity in Spain and we believe that this Joint Venture builds on the strengths of both companies - Ladbrokes with over 100 years experience in betting and Cirsa with its massive presence in the Spanish market."
For further information contact:
Head of Public Relations
Ciaran O'Brien
Tel: +44 (0) 7976 180 173
Head of Investor Relations
Julian Arlett
Tel: +44 (0) 7976 348 913
Press Officer
David Williams
Tel: +44 (0) 7976 180 236
Investor Relations Analyst
Paul Bagstaff
Tel: +44 (0) 7976 348 922
*Figure from Media Entertainment Consulting Network 2006 report
Notes to editors:
Free to use imagery of Ladbrokes shops and executives is available at www.vismedia.co.uk in the Ladbrokes section or at www.ladbrokesplc.com in the media centre.
About Cirsa Corporation
CIRSA Corporation, with 16,000 employees owns 22 traditional Casinos, 100 Arcades, 73 Electronic Casinos, near 100 Bingo halls and more than 85,000 slot machines in the restaurant/food-industry and in casinos worldwide. In Spain it provides daily service and support to more than 25,000 outlets and is an industry leader in terms of service and expertise. It has a presence in 70 countries and has invested more than 45 million Euros in R&D in the last three years.
About Ladbrokes plc
Ladbrokes plc employs 14,000 people in the UK, Ireland, Belgium and Italy. The company is comprised of Ladbrokes, the world's biggest bookmaker and operator of one of Europe's leading telephone betting operations; Ladbrokes.com, the leading betting and gaming website; Vernons, the football pools company and Ladbrokes Casinos which opened the Ladbrokes Casino and Sports Bar in Paddington in July 2006. Ladbrokes.com has customers in 200 countries around the world, and has a strategy for international expansion that includes a consultancy partnership in China, and a planned 100 million Euro investment to establish a business in Italy.
The JV will combine Ladbrokes, the world's biggest bookmaker, with operations in the UK, Ireland, Belgium and Italy with Cirsa Slot, the leading slot machine company in Spain. Cirsa Slot accounts for 9% of the Spanish slot machine market, servicing over 15,000 food and beverage outlets with gaming areas and 90 arcades. The company is a division of CIRSA Corporation, which owns and operates casinos, arcades and bingo halls throughout the country.
The JV company will apply for the new betting licences being offered in Madrid where a new decree was passed in December 2006 regulating dedicated betting shops, non-dedicated betting kiosks (bars, arcades and bingo halls) and remote betting (telephone and Internet) for the first time. Applications for the licences, which initially last five years, but are renewable, will be submitted to the Madrid regional government when requested, likely to be by mid-January.
The JV will also work to secure betting licences in other areas of Spain that are also considering regulating betting for the first time. Several of the other 16 regions of Spain are believed to be actively considering similar betting regulation. The Spanish gambling market was worth around €29bn last year.*
Christopher Bell, Chief Executive of Ladbrokes plc commented: "This represents another major step forward in our international aspirations. In December we opened our first shops in Italy and successfully tendered for new licences. Now we have formed a JV with a market leader in Spain that gives us access to a network of thousands of potential site operators. As soon as regulation allows we are confident that the combination of Ladbrokes' vast experience and expertise in betting and the local knowledge and operational capability of Cirsa will build a strong business in Spain."
Pablo Alcalá, Director of Cirsa Slot commented: "Sports betting is set to become an increasingly mainstream activity in Spain and we believe that this Joint Venture builds on the strengths of both companies - Ladbrokes with over 100 years experience in betting and Cirsa with its massive presence in the Spanish market."
For further information contact:
Head of Public Relations
Ciaran O'Brien
Tel: +44 (0) 7976 180 173
Head of Investor Relations
Julian Arlett
Tel: +44 (0) 7976 348 913
Press Officer
David Williams
Tel: +44 (0) 7976 180 236
Investor Relations Analyst
Paul Bagstaff
Tel: +44 (0) 7976 348 922
*Figure from Media Entertainment Consulting Network 2006 report
Notes to editors:
Free to use imagery of Ladbrokes shops and executives is available at www.vismedia.co.uk in the Ladbrokes section or at www.ladbrokesplc.com in the media centre.
About Cirsa Corporation
CIRSA Corporation, with 16,000 employees owns 22 traditional Casinos, 100 Arcades, 73 Electronic Casinos, near 100 Bingo halls and more than 85,000 slot machines in the restaurant/food-industry and in casinos worldwide. In Spain it provides daily service and support to more than 25,000 outlets and is an industry leader in terms of service and expertise. It has a presence in 70 countries and has invested more than 45 million Euros in R&D in the last three years.
About Ladbrokes plc
Ladbrokes plc employs 14,000 people in the UK, Ireland, Belgium and Italy. The company is comprised of Ladbrokes, the world's biggest bookmaker and operator of one of Europe's leading telephone betting operations; Ladbrokes.com, the leading betting and gaming website; Vernons, the football pools company and Ladbrokes Casinos which opened the Ladbrokes Casino and Sports Bar in Paddington in July 2006. Ladbrokes.com has customers in 200 countries around the world, and has a strategy for international expansion that includes a consultancy partnership in China, and a planned 100 million Euro investment to establish a business in Italy.
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