We investigated the time-variability and spectral properties of the eclipsing X-ray source Circinus Galaxy X-1 (GG X-1), using Chandra, XMM-Newton and ROSAT. We phase-connected the lightcurves observed over 20 years, and obtained a best-fitting period P = (25, 970.0±0.1) s ≈7.2 hr, and a period derivativeṖ /P = (10.2±4.6)×10 −7 yr −1 . The X-ray lightcurve shows asymmetric eclipses, with sharp ingresses and slow, irregular egresses. The eclipse profile and duration vary substantially from cycle to cycle. We show that the X-ray spectra are consistent with a power-law-like component, absorbed by neutral and ionized Compton-thin material, and by a Compton-thick, partial-covering medium, responsible for the irregular dips. The high X-ray/optical flux ratio rules out the possibility that CG X-1 is a foreground Cataclysmic Variable; in agreement with previous studies, we conclude that it is the first example of a compact ultraluminous X-ray source fed by a Wolf-Rayet star or stripped Helium star. Its unocculted luminosity varies between ≈4 ×10 39 erg s −1 and ≈3 ×10 40 erg s −1 . Both the donor star and the super-Eddington compact object drive powerful outflows: we suggest that the occulting clouds are produced in the wind-wind collision region and in the bow shock in front of the compact object. Among the rare sample of Wolf-Rayet X-ray binaries, CG X-1 is an exceptional target for studies of super-critical accretion and close binary evolution; it is also a likely progenitor of gravitational wave events.