Operator News
Spain – Codere’s income down by 57 per cent in 2020
By Phil - 1 March 2021
Spanish and Latin American operator Codere generated operating income of €594.6m in 2020, down a huge 57.2 per cent from the previous year, as a result of restrictive measures related to the pandemic, which led to the closure of its face-to-face operation for much of the year.
Reopenings took place progressively during the third quarter, although there have been delays in Argentina and Mexico. Argentina was the only market completely closed between the months of March and December with revenues coming in at €246.5m. Mexico generated €209.9m and Italy generated €188.6m.
The group’s online business generated revenues of €71.3m in 2020, up 19.3 per cent from the previous year although for the year online was up 58.7 per cent
Codere generated adjusted EBITDA of € 22.5m at the end of the year, 92.9 per cent less than last year. In terms of capacity, as of December 31, 2020, Codere had 23,074 recreational machines (41 per cent of its capacity at the end of 2019), operating in all territories except Italy; 79 operating gaming halls, 1,049 arcades, 153 sports betting venues and 5,410 bars. These figures do not include the rooms temporarily closed in Mexico, Panama and Colombia and the temporary closure of bars in certain regions of Spain in January.
