Codere ups Italian presence by acquiring 51% stake in Nori Games

Spanish gambling operator Grupo Codere (Codere) has acquired a 51% stake in Italian gaming machines supplier Nori Games Services SRL through its Italian business subsidiary ‘Codere Italia’.

Seeking to increase its presence within the Italian gambling market, Codere acquires its majority stake in Nori Games from the Cimmino family for an undisclosed sum.

At present, Nori Games holds a portfolio of 400 gaming machines largely serviced in the region of Lombardy.

Commenting on the investment Alejandro Pascual CEO of Codere Italia, stated that Nori Games fitted into Codere’s group long-term ambitions of growing its services within the Italian gambling market.

Following refinancing of Codere operations in 2015 and 2016, Codere governance has formed a new strategic plan to refocus the group’s growth closer to its Spanish home market, following significant declines in South America.

In its latest trading update, Codere governance outlined the importance of expanding its services in Italy as the company plans its recovery following years of consecutive decline in revenue and earnings.