Operator News

Spain – Codere aiming to be back up to pre-pandemic levels by end of year

Spanish betting giant Codere believes its revenues will recover to pre-pandemic levels by the end of 2022 having seen its results for the fourth quarter of 2021 grow 117.3 per cent to $321.6m, equating to 85 per cent of revenues priot to the pandemic.

Codere said: “With the culmination of its financial restructuring process and the launch of Codere Online on Nasdaq, and after two complicated years of the pandemic, the company began the year by beginning a new stage, with its portfolio intact and a strengthened financial situation.

“This allows the development of a business plan that returns the group to its growth path, after this period of normalization, with important opportunities especially in Spain, Mexico and in the digital business.”

Domestically, Codere’s revenues in Spain came in at $46.2m, representing a 31.6 per cent improvement from the fourth quarter of 2020 and back up to nearly 90 per cent of its revenues in the fourth quarter of 2019. Italy saw an improvement of $55m with revenues of $82.9m.

Revenues in Mexico came in at $59.7m, twice as much as last year and about 74 per cent of its pre-pandemic revenues. Argentina was back up to 85 per cent of pre-pandemic levels with revenues of $72.9m. Uruguay came in at $13.9m, up six per cent, Panama generated $18.2m revenue, equating to 89 per cent of pre-pandemic revenue whilst Colombia generated revenues of $4.4m.

Online experienced a ‘positive performance’ bounced past 2019 levels by 46 per cent, growing by 10 per cent quarter to quarter.