El Gordo goes public. Madrid seeks recovery with lotteries listing

The economic crisis could also weigh heavily on the shoulders of young Spaniards. But for the stock market it has finally brought some good news. To raise cash, the Zapatero government has decided to put 30% of Loterías y Apuestas del Estado on the market, the company that manages El Gordo (the fat man), or the extremely successful Spanish Christmas lottery. The deal is worthy of the name and could allow the government to raise between $6,5 and $7,5 billion, making the public company the largest player in the betting sector ever listed on the stock exchange. The sale of a large chunk of El Gordo is part of a series of disposals that should allow Madrid to reduce its debt by about a third at a time when the country is struggling to recover from the blows received during the global economic crisis. A picture, that of the Spanish economy, which paradoxically could further contribute to the fortunes of the public company that manages El Gordo: with a first prize of 3 million euros and something like 22 million unemployed scattered throughout the country, it is safe to bet that more of a Spaniard will try to straighten out the most difficult three years of his life with a stroke of luck. Among the shares put on the market in the privatization program there is also 49% of the company that manages the airports of Madrid and Barcelona, ​​an operation that could bring in another 8 billion dollars. The sale of 30% of El Gordo is scheduled for the fall.