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Announced on Wednesday, the all-share deal is expected to close in Q2 2027, forming a combined group with a pro forma adjusted EBITDA of around €2 billion ($2.3 billion).
Cirsa’s implied pro forma value, before synergies, corresponds to an multiple of approximately 6x its expected 2026 EV/EBITDA which will be between €800 million and €820 million, according to the operator’s most recent earnings.
According to a joint press release, the combined company would hold “undisputed leadership positions” in both Italy and Spain, with the group set to hold a duel listing on the Milan and Spanish stock exchanges.
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“For a hundred years this game lived on the corner,” he said in TCS/JOHNHUXLEY’s press release. “Now it’s got a dealer, a pay table and a seat at the table in a real casino. Same dice, new floor.”
Cee-lo—derived from sì wǔ liù (Chinese for “four-five-six”)—is played with three six-sided dice. Popular among Chinese-American players as early as 1893, it was adopted by hip-hop culture in the late 1970s and became a fixture on the street corners of Harlem, Brooklyn, and the Bronx.
Nas, the Notorious B.I.G., and Jadakiss all referenced the game in their music. Kool G Rap called his 1995 album 4,5,6, and its title track included the line “Headcrack, time to get the bread”—the lyric that most likely inspired 50 Cent’s casino adaptation.
But it was Thomas DeCarlo Callaway who gave the game its biggest mainstream exposure, and gesture of love, when he took his stage name, CeeLo Green, directly from it.
What is Maze Of Osiris?
The DIA worked directly with class 4 gambling operators (commonly known as pokies trusts), and discovered ‘widespread issues’ such as cases where money that should have been available for community grants was instead spent on society expenses, such as the purchase of additional gaming machines.
Vicki Scott, the DIA’s director of gambling, said the investigation had delivered significant results, while stressing that work to improve compliance and ensure communities received their share of gambling proceeds would continue.
“Most operators have worked constructively with us to address historical issues and improve their practices,” Scott said.