Estoril Sol posts €25.3m loss for 2025 as land-based struggles persist

Financial Results

Portugal’s casino operator Estoril Sol has reported a net loss of €25.3m for the 2025 financial year, more than doubling the €12.1m loss recorded in 2024. The majority-owned subsidiary of Macau’s STDM published its annual accounts after three separate delays.

Online gaming continued to act as the group’s primary revenue source, with digital segment turnover rising 3% year-on-year. However, the company’s land-based operations faced sustained headwinds, weighing heavily on overall performance.

Concession Loss and Restructuring

Estoril Sol now runs two casinos – in Estoril and Lisbon – after deciding not to participate in the public tender for the Póvoa de Varzim concession, which expired in December. That licence, previously held through subsidiary Varzim Sol, was awarded to French operator Barrière after the 29 December deadline passed.

The loss of the Póvoa casino – the smallest of the group’s three venues – triggered a structural shift. The company set aside approximately €18m during 2025 to cover restructuring costs, including labour adjustments, corporate reorganisation and operational changes, adding further pressure to earnings. The concession’s expiry was also cited as a key factor behind the delayed publication of the 2025 accounts.

Legal Challenges

In addition to operating difficulties, Estoril Sol faces a significant legal setback. The Supreme Administrative Court has upheld a previous ruling obliging the company to pay the Portuguese state €36.9m in connection with a contested corporate restructuring carried out several years ago. The operator continues to challenge the decision through available legal avenues.

Outlook

Estoril Sol holds concessions for the Lisbon and Estoril casinos until 2037, but its long-term prospects hinge on strengthening its equity position and reversing the deepening losses that marked the latest financial year.