Tag Archives: Spain

Grupo CIRSA is set to refinance its business, by issuing a bond sale of new senior secured notes in the Blackstone-owned Spanish heritage gambling group.  Last week, CIRSA notified markets that it was aiming to raise a target of €650m in funding through its new bond placement. The new debt will consist of fixed rate and floating-rate bonds set to …

DGOJ, Spain’s Directorate General of Gaming, has launched a public consultation on “data requirements needed to update its regulatory framework”. The consultation, which will run until 7 September, seeks feedback from industry stakeholders and the public on the DGOJ’s objective to overhaul the data provided to its ‘information monitoring system’ for Spanish Gambling   The Directorate’s proposal includes modifications to existing …

Spain’s gambling market experienced considerable growth in the first quarter of 2023, despite a significant reduction in marketing expenditure, according to the latest report from the Directorate General of Gaming (DGOJ). The gambling authority published its Q1 financial report, detailing the continued growth of the sector as licensees grapple with stricter regulatory constraints on advertising and customer care duties. The …

Alberto Garzón, Spain’s Minister of Consumer Affairs, has ordered his department to draft the first federal controls on loot box interactions. This mandate follows a year-long investigation by the Ministry of Consumer Affairs into loot box purchases/interactions in video games, specifically assessing their potential risk to underage consumers.  The investigation revealed that in Spain, “35% of video games and 55% …

The board of Grupo Codere has informed investors that its plans to initiate additional liquidity financing of €100m have been temporarily postponed. The decision has been approved by Codere bondholders, who in April permitted corporate governance to pursue new financing options seeking €100m to assist Codere units in overcoming short-term financial pressures due to rising operating costs. Consequently, bondholders will …

Grupo Codere closed Q1 2023 in a strong financial position according to the firm’s latest quarterly trading update, with Latin American markets key growth drivers.  The multinational gambling group reported an year-on-year revenue uptick of 19% to €350m (Q1 2022: €283m), with adjusted EBITDA up 20% to €65m (€52m) with a margin of 19%, one percent higher than the year …

LeoVegas AB has reported a difficult opening to 2023 trading, having registered a group-wide decline in revenues across key markets.  The new property of MGM Resorts, LeoVegas reported total quarterly revenue of €95m, a 4% decline on previous year income of €98.5m, whilst EBITDA also declined 3% from a Q1 2022 loss of €2m to a deeper loss of €3m. …

Blackstone is considering various strategic options for its Spanish gambling asset Grupo CIRSA, in which the US private equity fund is reported to favour an initial public offering (IPO). The development comes as the fund is reported to have invited proposals from investment banks to manage a potential share sale and refinance CIRSA existing long-term debt, which according to the latest accounts, stands at circa €2.3bn. …

A restructured Grupo Codere has announced that it has “fully consolidated its corporate recovery,” as the group’s financial results match or outperform its 2019 post-COVID performance. In its full-year 2022 trading update, the Spanish multinational gambling group reported corporate revenues of €1.31bn, reflecting a 68% growth on FY2021 results of €791m and an exact like-for-like match on FY2019 revenue performance. …

Spain’s Ministry of Consumer Affairs has instructed the General Directorate for Gambling Regulation (DGOJ) to launch a grant scheme to support research on problem gambling harms and addiction. A €1.6m fund has been created to fund projects which will support Spanish healthcare and welfare organisations in preventing problematic gambling, in addition to reducing “industry risks and other related concerns”.  DGOJ …