Tag Archives: mexico

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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Vague Morena mandate causes confusion on Mexican gambling taxes

Mexican gambling stakeholders have been left confused by Morena Party’s intended tax frameworks, which seek to modify the nation’s governing ‘Federal Law of Games and Sweepstakes (LFJS)’. This October, Morena Deputy Emmanuel Reyes Carmona presented the party’s LFJS tax modifications, reported by national media as a ‘20% excise increase’ on online gambling activities. The miscommunication relates to a poorly worded …

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Dire Q3 sees Codere declare group losses of €30 million

Publishing its Q3 trading statement, Bolsa Madrid gambling group Codere SA records performance declines across all key operating markets, impacting the firm’s corporate recovery. Reporting declines across all South American territories (except Uruguay) and a stagnating performance in its home market of Spain, Codere posts a 3.6% decline in group revenue to €343 million (Q32018: €356m). Despite reducing its exposure …

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Orenes launches new ‘VERSUS’ identity targeting rapid global growth

Seeking to expand its international appeal, Spanish gambling firm Grupo Orenes has rebranded its flagship commercial property ‘Viva La Suerte’ to ‘VERSUS’. This week the Murcia (Alicante) based gambling group held a press conference in which it retired its Viva La Suerte brand, announcing the launch of VERSUS (Versus.es) as its lead B2C entity, which Orenes will export internationally. Javier …

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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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Martinez Sampedro family seeks highest fee for Codere exit

The boardroom dispute impacting the future of Bolsa Madrid gambling group Codere SA has intensified as the enterprise founding  Martinez Sampedro family places a Spanish Capital Markets Commission (CNMV) claim against US investor Silver Point Capital. The two-year dispute takes a further turn, on a matter which an embattled Codere governance outlined would be resolved at the firm’s ‘critical AGM’ scheduled …

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bet365 launches MX property in partnership with TV Azteca

bet365 has launched its Mexican market domain – bet365.mx – in partnership with ‘Ganador Azteca’, the gambling subsidiary of Mexican national broadcaster TV Azteca. The UK’s leading online bookmaker undertakes its Mexican market launch having secured a ‘partnership licence’ granted by Mexican Ministry of the Interior department ‘Dirección General de Juegos y Sorteos -DGJS’. The announcement sees bet365 partner with Mexico’s …

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Martin Clarke, Metric Gaming: Leading the counter trend to scale-driven cookie-cutter solutions

Metric

Metric Gaming Head of Product Martin Clarke discusses the current issues surrounding innovation and how the industry’s existing technology may be a roadblock to creativity, especially for dynamic live betting markets. SBC: The gambling industry has often been criticised for being too homogeneous, with the only competition on the amount of money given to players via bonuses. Why is there …

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