Codere revenues take 54 per cent hit

Codere, the major Spanish-based, largely Latin American operator, was hit with a 54.3 per cent decrease in revenues in the first quarter of 2021.

The pandemic-impacted results showed that revenue was €127.2m and EBITDA was €3.5m, a fall of 92.7 per cent.

The company said that its business was closed in Italy for the entire period but towards the end of the period there was evidence of a recovery as operations reopened in some areas. Fresh closures had come into effect in Mexico, Argentina and Panama.

Codere’s board and shareholders had come to an agreement with its creditors to input up to €225m and capitalise up to €367m of its debts to cover its financial requirements until the markets completely reopen.

Codere operates over 50,000 gaming machines, 30,000 seats in bingo halls and 7,600 sports betting terminals across Latin America, Spain and Italy.