Mexico & Argentina expansions bear fruit for Codere this H1 2017

Presenting its H1 2017 interim results, restructured Spanish gambling operator Grupo Codere has detailed a solid corporate performance driven by the growth of its South American assets.

The Spanish operator would report a 7% gain in H1 2017 group revenues to €814 million (H1 2016: €760 million) reporting strong revenue gains within the markets of Argentina (€300 million) and Mexico (€168 million).

Expanding its retail betting presence within Mexico and Argentina, Codere would detail increased operating expenses of €683 million impacting the firm’s period adjusted EBITDA to €131.5 million.

Closing the interim period, Codere reverses its 2016 declines posting group operating profits of €64.5 million (H1 2016: €1.2 million). The operator disclosed that it had paid interest expenses of €37 million during the period.

Codere governance detailed that the company was confident of hitting its full-year 2017 operating guidance and corporate expectations.

The firm is currently integrating new Mexican casino and betting assets, having moved to buy joint venture enterprise Grupo Caliente outright this April. Caliente’s gambling assets in the provinces of Mexico City, Cuernavaca and Monetray will be added to the portfolio.

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