Pestana Group and Sociedade Figueira Praia are in the running for the Funchal casino concession in Madeira. The current contract with Pestana's owners expires on December 31, 2026, so from January 1, 2027, operations will be in the hands of one of these two operators. The deadline for submitting proposals ended last week, after the regional government of Madeira launched the tender at the end of July.
ITI - Sociedade de Investimentos Turísticos da Ilha da Madeira, known as Pestana Casino Park, is a company founded 62 years ago and 100% owned by Pestana Group SGPS. Last year, the Madeiran company made a profit of 22.7 million euros, a year-on-year increase of 5%, with a turnover of 48.1 million euros, up 9.6%. The regional executive led by Miguel Albuquerque had decided in 2023 to extend the contract for another three years due to losses caused by the Covid-19 pandemic, during which the casino lost over 40% in revenues.
Sociedade Figueira Praia, which operates the casino in Figueira da Foz, one of the oldest in the country, was founded 78 years ago and belonged to Amorim - Entertainment and Gaming International SGPS. Recently, the Spanish company Cirsa, now acquired by Italians Lottomatica, purchased a majority stake in this owner and operator. In 2025, Sociedade Figueira Praia's revenue increased by 6.4% to 14.7 million euros, but losses worsened to 16.3 million euros.
The tender provides for a 15-year concession, extendable for another five, with an initial payment of 15 million euros and a mandatory minimum investment of six million euros. The specifications establish a competitive protection zone of 25 kilometres around the concessioned casino, but include an exception for Ponta do Pargo, in the municipality of Calheta, where another casino may be authorised.
