Tag Archives: mexico

Liga MX appoints Genius Sports as data and integrity lead

Mexico’s football governing body, Liga MX, has signed a streaming and integrity deal with Genius Sports Group. The data and technology company will have exclusive rights to capture data from the English Premier League, Serie A, the Argentine Football Association and Dimayor Colombia, then distribute it to licensed US sportsbooks as part of the deal. The newly-formed partnership will also further engage …

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LATAM woes see Codere track year losses of €240m 

Embattled Spanish gambling group Codere SA has published its Q3 2020 earnings report, revealing that its year-to-date corporate net losses currently stand at €240 million.  The Bolsa Madrid gambling firm continues to absorb COVID-19 impacts following a staggered reopening to its South American gambling venues, combined with severe LATAM currency fluctuations against the US dollar. Despite reopening its European (Spain …

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Codere appoints Shackleton to lead brand overhaul for Spain and Mexico

Grupo Codere has confirmed the appointment of Shackleton as its new creative marketing agency, as the Bolsa Madrid gambling group seeks to refresh its image within its home market of Spain, whilst expanding its public profile across the firm’s target South American growth markets. Shackleton wins the multinational account following a competitive pitch undertaken by Codere during May in which …

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Mexico’s igaming market blurred by new digital VAT scheme

The Mexican igaming market has been disrupted by the introduction of a new ‘16% digital services tax’ for all foreign-based companies. Last week, Mexico’s Finance Ministry launched its new ‘SAT Tax’ scheme enforcing the nation’s standard 16% value-added tax charge to be sanctioned on all digital transactions and services, effective from 1 July 2020. The VAT extension forms part of …

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Codere Chairman pursues final options to save the company 

Codere SA is pursuing emergency financing options having failed to convince investors to back its business recovery plans, according to Spanish business news source La Razon.  The embattled Bolsa Madrid gambling group has failed to secure a further €100m credit line to keep it’s Spanish and LaTam retail business units afloat during lockdown. On the edge of bankruptcy, Codere is …

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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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Codere fights for survival as debt bonds are classified to junk status

Codere SA is reported to be fighting for its survival, seeking new investment options to refinance its long-standing €900 million corporate debt bonds. Spanish business news source El Confidencial has reported that the Spanish gambling group has sanctioned Bank of America to lead renegotiations with bondholders for a further two-year extension on debt maturity terms which are set to expire in 2021. …

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Codere secures €20m loan to safeguard Mexico unit

Bolsa Madrid gambling group Codere SA has informed investors that it has secured a further €20 million loan which will support its Mexican business unit.  Sanctioned on Friday 13 March, Codere governance secured access to an additional MXN 500-million-peso bond (€20 million) with debt terms set for maturity in 2025.   Updating investors, Codere stated that the loan has been sanctioned …

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Codere pays high price for 2019 auditing blunders

Publishing its full-year 2019 trading results, Bolsa Madrid gambling group Codere SA has recorded corporate net losses of €62 million, representing a 32% increase on the firm’s cumulative €47 million loss recorded during FY2018.  Codere investors had little to cheer over as the embattled operator recorded declines across all core operating metrics, reporting a 6% drop in group revenues to …

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SEGOB Mexico appoints Cota Montaño as new ‘gambling general’

Olga Sanchez Cordero, Secretary of Governance of Mexico (SEGOB), has disclosed that Leonel Cota Montaño has been appointed as the Secretary-General of gambling supervisory department ‘Dirección General de Juegos y Sorteos’ (Games & Lotteries Mexico). A Labour Party (PT) political veteran, Cota Montaño is the former governor of the state of Baja California Sur (1999-2005) and will take leadership of …

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