Tag Archives: codere

Codere points towards stability reducing interim losses to €8.5m

Publishing its H1 2019 interim results (period ending 30 June), Bolsa Madrid-listed gambling group Codere SA improves its trading stability, reducing corporate losses by 78% to €8.5 million (H12018: -€39m). As communicated in August, the Spanish gambling group’s period performance would be impacted by Argentina’s volatile economic conditions, which sees Codere record a 6% decrease in group revenues to €712 …

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Argentine woes see Codere issue profit warning

Closing Monday 26 August trading, Bolsa Madrid gambling group Codere SA has issued a profit warning after admitting that a further Argentine Peso devaluation has impacted the firm’s 2019 expectations. Codere cannot escape Argentina’s economic volatility caused by the nation’s shock primary election results as voters turned against President Mauricio Macri’s government, backing the ‘Frente de Todos’ Peronist coalition. The …

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Codere secures Hard Rock Mexican market joint-venture

Spanish business news sources report that Bolsa Madrid gambling group Codere SA has signed a joint-venture agreement with Hard Rock International, which will see both companies develop new gaming properties within Mexico. The joint-venture will begin with Codere and Hard Rock establishing a new ‘tourist complex’ valued at $1 billion, which will see the US leisure and entertainment group develop …

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Codere shareholders cancel Martinez Sampedro board representation

The boardroom dispute of Bolsa Madrid gambling group Codere SA continues as company shareholders have moved to withdraw outright the governance representation of the enterprise founding Martinez Sampedro family. A Spanish Capital Markets filing has revealed that a majority of Codere shareholders voted at the firm’s annual general meeting to remove brothers’ Jose Antonio (former President) and Luis Javier (former …

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Codere ‘advisory appointment’ rustles political feathers

Bolsa Madrid gambling firm Grupo Codere SA has caused controversy with its appointment of former Spanish Justice Minister Rafael Catala as a corporate advisor. Codere has stated to Spanish media that Catala a figurehead of Spain’s Partido Popular (Conservative Party) and former board member of the company between 2005-2011, will act as a ‘legal and regulatory advisor, with no executive …

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Codere appoints ‘transformation pro’ Luis Sanchez Serrano to lead digitisation strategy

Bolsa Madrid gambling group Codere SA has confirmed the appointment of Luis Sanchez Serrano as new Corporate Director for Technology and Digitisation. A fresh face to the gambling sector, Sanchez Serrano is a 23-year veteran of the Spanish financial services industry, having led technology and innovation divisions for Liberbank, Bankinter and Banco Espirito Santo Portugal. Moving forward the executive will …

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Codere ups racing muscle with SIS content partnership

Bolsa Madrid operator Grupo Codere SA has moved to enhance its live racing content across its Spanish and Mexican digital properties, integrating Sports Information Services SIS new 24/7 Live Betting Channel. SIS informs that its new live pictures partnership will see Codere ESP and MX digital domains gain horseracing and greyhound content throughout the day. Peter Lucas, Sportsbook Trading Director …

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BetCris & Betway join BA-7 hunting pack

Publishing its latest update, the Argentine Provinces Board for Lotteries and Casinos (IPLyC) – the overseeing body of Buenos Aires’ newly sanctioned online gambling framework – has disclosed a clearer picture of which enterprises will compete for its seven BA licenses. Updating stakeholders, IPLyC confirms that international operators’ BetCris and Betway have secured Argentine partnerships allowing them to bid for …

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Codere sanctions Credit Suisse to lead its Mexican charge

Spanish business news source El Confidencial reports that the governance of Grupo Codere SA has sanctioned investment bank Credit Suisse to lead its corporate refinancing, as the Bolsa Madrid gambling group reviews its South American options. The Swiss multinational bank is reported to have been given a two-fold mandate by Codere governance, being ordered to raise capital for new expansion …

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Crowded field pitches up for BA online gambling tender

As anticipated the upcoming Buenos Aires online gambling tender will see a raft of international gambling operators’ partner with Argentine enterprises seeking to secure one of seven IPLyC licenses.  Setting a 25 June deadline for final applications, this May, BA’s regulatory gambling body IPLyC published its ‘official criteria for competition’, outlining key venture requirements to compete for BA-7 licenses. Though …

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