A Mexican federal court has denied Grupo Codere the right to open a further 45 casino/betting establishments, hindering the Bolsa Madrid gambling group’s LATAM expansion plans.
Last week, Mexican news sources revealed that on 15 April a Mexican Tribunal on administrative matters had revoked ‘Recreativos Codere’ its previous exemption from Ministry of Interior rules on licensing gambling properties.
The tribunal’s ruling dates back to 2007, when Codere was granted its first concessions to expand in Mexico. Nevertheless, in 2012 federal changes to Mexican gambling laws would institute that permits could only be granted to ‘single gambling establishments’, which under no circumstances can operate multiple gambling premises ‘under one authorization’.
Codere governance appealed the gambling reforms, arguing that Mexican authorities should simply grant Codere permits as requested.
In its judgement, the tribunal underlined that Codere had been granted a number of favourable rulings during an 11-year period, helping the operator expand its Mexican presence.
At present, Codere operates 95 gambling/betting properties across Mexico, with the gambling group recently renewing its racing concession with the Hipódromo de las Américas for a further 15-years.
The Spanish gambling group has operated in the Mexican market since 2004, and services a full inventory of products, including bingo, gaming halls, casino and sportsbook properties.
Entering 2019, Codere governance would underline growth in the Mexican gambling market as a key corporate directive in the firms ‘2021 transformation programme’– with the company actively seeking new Mexican licenses.