Supplier News
Spain – Codere boosted by international operations
By Phil - 8 September 2015
Spanish operator Codere reported a 25 per cent increase in revenue for the second quarter of 2015.
GGR came in at €409m for the three months through to the end of June with the group’s international revenues improving significantly. Argentina, Panama and Mexico faired particularly well with the stronger dollar and Latin American currencies against the euro for the latest results. The increase was due to the appreciation of the Argentine peso against the euro, and an increase in the number of machines and their average daily collection. In Mexico the installed base of machines increased by 4.5 per cent.
Overall EBITDA came in at €66m, marking a 49 per cent year-on-year increase. In Spain, revenues in the second quarter fell by 2.1 per cent to €37,2m despite increased revenues from sports betting. In 2015 so far, Codere’s Spanish result have fallen by 6.1 per cent although average machine revenue was up by 1.7 per cent in the second quarter with sports betting up by 8.6 per cent. In July the company launched sports betting operation in Castilla León, becoming the first company to open stores in Valladolid, Zamora and Salamanca. In the coming months, it expects to have a global presence in all provinces of this community and major towns like : Aranda de Duero and Miranda de Ebro in Burgos; Boecillo and Medina del Campo, Valladolid and San Andrés de Rabanedo and Ponferrada in Leon.
Codere managed to reduce its losses by 65 per cent to €13m.
