Tag Archives: madrid

Codere records 10X losses seeking vital lifeline 

Embattled Codere SA has published its Q1 2020 trading statement, declaring group-wide losses of €97m as the company continues to seek vital funding for its operating units. The figure represents a 10X increase on its corresponding Q1 2019 losses of €8.6m, as Codere’s European and South American gambling venues have ceased trading due to the COVID-19 global pandemic.  The Bolsa …

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Carousel orders recruitment drive by promoting Littin to Digital lead

Carousel Group has confirmed the promotion of Josh Littin to the position of Director of Digital. He will be tasked with overseeing the firm’s online growth and product development strategies.   Littin has served as Carousel’s Head of Product since 2018, becoming a key stakeholder in the launch and strategic development of the firm’s Sportsbetting.com and Racebook.com properties.  Carousel confirmed that …

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Codere cancels debt repayments to review crisis options

Embattled Bolsa Madrid gambling group Codere SA has postponed payments on its debt tranches of €500m and $300m, as corporate governance reviews the firm’s long-term financing options. Yesterday, Codere made its decision public via a corporate filing with Spain’s competition and markets authority (CNMV). In its notice, Codere informed that its suspension of debt payments formed part of group-wide contingency …

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Garzón confirms Royal Decree sign-off on 28 February

Alberto Garzón, Spain’s newly appointed Minister of Consumer Affairs, has revealed that Royal Decree reforms will be formally announced on Friday 28 February. Garzón made his statement addressing civil servants of Spain’s DGOJ gambling regulatory authority at a meeting hosted by the Consumer Affairs Ministry. The long-awaited reforms for Spain’s advertising code on gambling products are to be presented to …

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Codere reviews ‘corporate structure’ following damaging LatAm investigation

Bolsa Madrid gambling group Codere SA has sanctioned a review of its ‘operating structure’, following an independent investigation of auditing discrepancies found within its LatAm subsidiaries. This October, an embattled Codere governance was forced to declare to Spain’s CNMV markets authority that year-to-date accounts had ‘overstated earnings’ by €13-20 million attached to the firm’s LatAm business unit. Facing investor backlash, …

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Madrid Council puts a firm break on gambling establishments

Madrid City Council has followed the lead of its Barcelona counterpart by confirming that it will freeze all further gambling-related retail concessions from opening within its municipal district. The decision has been confirmed by Madrid Council President Isabel Diaz Ayuso, who stated that the city’s executive would maintain the measure until the Spanish government implements its long-awaited federal decree on gambling. …

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Valencia moves to revamp its autonomous gambling code

Valencia becomes the latest Spanish autonomous region to update its laws governing gambling establishments operating within its municipality. Concluding its plenary session, Valencia’s municipal government ‘Generalitat Valenciana‘ confirmed that it had given approval to drafting the ‘Ley del Juego’ bill, moving to establish measures preventing minors from accessing gambling halls and implementing further support programs tackling problem gambling. In its …

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Codere reveals LATAM auditing inconsistencies

Bolsa Madrid gambling group Codere SA will launch an investigation into the auditing of its Latin American business unit, as the firm admits to inconsistencies published in its year-to-date financial reporting. Communicated through Spain’s CNMV market authority Codere governance confirms that it will review the auditing of its entire LATAM unit, following ‘overstated accounts’ reported by a number of its …

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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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Betsson Spain sponsors After Brunch Pride Party

Betsson AB’s Spanish online gambling property Betsson.es has partnered with Madrid-based live music, youth culture and entertainment group After Brunch, becoming a lead sponsor of the upcoming ‘After Brunch Pride Party’. Hosted this Sunday 7 July, the After Brunch Pride Party is considered one of the major festive events of Madrid Pride, taking place at the City’s ‘Ventas Bull Ring’ …

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