One of Portugal’s largest casino operators, Estoril Sol, has reported a €25.3m loss for 2025, compared with a loss of €12.1m in 2024. The company, which is majority-owned by Macau-based STDM, published its annual accounts after three delays.
The group faced challenges in its land-based operations, while online gaming remained its main earnings driver. Revenue from the online segment increased by 3% compared with 2024.
Estoril Sol currently operates two casinos in Portugal, located in Estoril and Lisbon. The group previously also managed Casino Póvoa in northern Portugal through its subsidiary Varzim Sol, but chose not to submit a bid before the 29 December deadline for the public tender. The concession was later awarded to French operator Barrière.
The expiry of the Póvoa de Varzim casino concession was one of the main reasons behind the delay in presenting the 2025 accounts. Although Casino Póvoa was the smallest of Estoril Sol’s three casino operations in recent decades, the loss of the concession had a structural impact on the group.
In 2025, Estoril Sol set aside around €18m to prepare for the costs of restructuring after losing the Póvoa de Varzim casino concession. This covered labour costs, corporate restructuring and operational adjustments, placing further pressure on the company’s financial results.Top of FormBottom of Form
Estoril Sol also faces a legal setback after the Supreme Administrative Court upheld a ruling requiring the company to pay the State €36.9m linked to a disputed corporate restructuring process carried out several years ago. The company continues to challenge the decision.
The company holds concessions for the Lisbon and Estoril casinos until 2037, but its long-term outlook depends on strengthening its equity position and reversing the losses that increased during the latest financial year.
Portugal’s online gambling revenue rose 13.7% year-on-year to €323.7m for Q1 2026
