Tag Archives: Codere
Spain – Codere puts forward liquidation plan to stay afloat until reopenings
Spanish gambling giant Codere has reached an agreement with creditors to invest €225m, giving it breathing space until its businesses fully reopen following the COVID closures. The agreement however sees creditors take control of Codere’s operating business in a restructuring deal that will see Codere move into liquidation. Shares in the operator fell by 12…
Spain – Codere’s income down by 57 per cent in 2020
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,…
Uruguay – Codere back up to 80 per cent of 2019’s GGR in Uruguay
Codere’s Uruguayan division Maroñas Entertainment has said that its operations in Uruguay generated 80 per cent of its 2019 revenues for the month of October. The company, which operates the Maroñas National Racetrack, Las Piedras Racetrack, Hotel Casino Carrasco, six gaming halls and 27 betting locations, said that since reopening on August 6, it has…
Argentina – Codere launches COVID-19 safety video in hope of reopening
The Codere Group, one of the large bingo hall operators in Buenos Aires, has launched a video demonstrating the measures it has taken as it gears up to an imminent reopening of its venues in the province. Detailing biosecurity measures and using the slogan #NosCuidamosEntreTodos, it shows how it is using carpet disinfection, temperature controls,…
Argentina – Codere iGaming proposal accepted in Buenos Aires
Codere has officially had its proposal for the implementation of online gambling approved by the LoterÃa de la Ciudad de Buenos Aires, the city’s lottery operator. Codere’s regional manager, Bernado Chena, described the approval as showing “the strength of the group, the quality of its offer and the viability of Codere’s online expansion project in…
Argentina – Codere Argentina strikes deal for its workers to ‘fill-in’ at Walmart
Codere Argentina has struck a deal with supermarket chain Walmart that will see its employees have the opportunity to work, temporarily, in different stores in the province of Buenos Aires. They will temporarily replace 117 Walmart workers who are currently on leave. Codere said: “The company is in a very complex situation as it has…
Spain – Codere to refinance debt but liquidity is ‘in order’
Codere has hired the Bank of America to head renegotiations with bond holders for a further two-year extension on debt maturity terms as bonds have sunk to historic levels. However Codere claims to have liquidity in order to avoid the closure of its gaming rooms and bingo halls for now. According to Spanish daily El…
Spain – Codere criticises Spain’s radical political stance on gaming
The non-executive president of Codere, Norman Sorensen, has attacked the ‘false beliefs’ and ‘radical political and social positions’ that he believes exist against the gaming industry. Sorensen made the claims as part of Codere’s most recent Integrated Report which highlights the most significant policies and actions adopted by the group over the last year. “We…
Argentina – Argentina’s currency woes hamper Codere’s results in 2019
Codere has reported that in 2019 it obtained operating income of €1,389.4m, compared to €1,476.4 the previous year, a drop of 5.9 per cent. The decrease was down mainly due to the results recorded in Argentina which declined by as much as €90.5m as a result of the depreciation of the Argentine peso against the…
