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Spain – EBITDA for Codere up by almost five per cent in 2016

By - 2 April 2017

Spanish operator CIRSA has reported that it recorded EBITDA of €398.3 an increase of 4.8 per cent compared to 2016 while operating profit increased by 0.8 per cent.

The company has reported that Codere had grown steadily over the last 42 quarters despite increases in taxation in key markets such as Spain, Argentina and Colombia and the devaluation of a number of Latin American currencies against the euro Argentina (59 per cent), Colombia (10 per cent) and México (17 per cent).

CEO Joaquim Agut highlighted the improvements in the company’s performance especially in the Spanish market, which contributed 36 per cent of EBITDA. “The correct implementation of the group’s operational plans in the different regions and businesses, as well as the general improvement of all activities in Spain, have allowed these results to be achieved, which confirm the market expectations again,” he said.

The companies’ slots division in Spain continued to develop as the company has continued to see an increase in revenues which began in the second half of 2015 which, together with the optimisation of spending and productivity improvements, has allowed it to improve operating profit. Its bingo division also experienced significant growth in Spain in both traditional bingo as well as via its offer of machines on site. Meanwhile, multi-channel betting operators Sportium, was now the leader in sports betting, both in terms of volume of bets as well as income. In order to maintain its position Sportium has renewed La Liga’s sponsorship for the next two seasons, “which will allow it to maintain brand awareness at the highest level, as well as ensure the media exposure in televised football broadcasts.”
The company has also made significant inroads into the Latin American market. In the Dominican Republic the company has expanded in the two main cities in country with two casinos Casino Napolitano in Santo Domingo and Gran Victoria casino in Santiago de los Caballeros. In Colombia Codere has opened a new Hollywood brand casino in Medellín the largest casino in the city. The company also said that it has strengthened its position in Panama. Meanwhile in Mexico the company had obtained “very good results as a result of the continuity and rigor in the implementation of its operational plans.”

Elsewhere the company reported that it had expanded into Morocco after the acquisition of Atlantic Casino in the city of Agadir. In Italy the company highlighted the fact that it had adapted all AWP machines so that they would meet with the new requirements set out by the by the Italian Government at the end of 2015. Meanwhile, with respect to the video lotteries (VLT’s) the company continues to maintain its leadership in the Italian market according to the statement.

CIRSA Gaming Corporation is one of the world’s leading gaming companies and leader in the Spanish market. The company operates 133 casinos more than 55,000 gaming machines, 67 bingo halls, 162 slot parlours and operates 2,578 VLT’s in Spain, Italy and Latin America.

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