Codere Group snaps up majority stake in Italy’s Codgames
The Spanish gambling giant now owns 70 per cent of the Italian video lottery terminal management company.
Italy.- Spain’s Grupo Codere has announced that its Italian subsidiary Operbingo Italia has acquired a 70 per cent stake in Codgames. The Manna family, which founded Codgames over 20 years ago, continues to hold the remaining 30 per cent.
Codgames manages video lottery terminals (VLT) and amusement with prizes (AWP) machines. It has around 600 machines in the southwestern Italian region of Calabria.
Codere has had a presence in Italy for over two decades and has operations in both online and land-based markets. It said the acquisition strengthens its presence, expanding its network in the country’s southern regions and offering opportunities for broader market growth.
Alejandro Pascual, regional manager of Codere Europe and chief operating officer for Italy, said: “This acquisition represents a significant step in our territorial expansion strategy in Italy. Codgames embodies the qualities we seek in a partner: professionalism, strong local ties, and a commitment to industry development.
“We firmly believe that this alliance will open new doors and strengthen our long-term strategic vision.”
Armando Manna, of the founding Manna family, said: “We are proud to be joining forces with Codere. They have demonstrated not only extensive experience and reliability but also a profound respect for local operators. We are confident that this partnership will help us successfully navigate future challenges and continue contributing value to our community.”
The financial terms of the transaction were not disclosed.
Codere has been reshaping its business and aims to expand in both Europe and Latin America following a global recapitalisation to improve capital structure for its 2023-to-2027 recovery strategy. Codere says it expects to generate a gross profit this year. It has said it has no intention to sell any of its international units, which operate in the Latin American markets of Argentina, Colombia, Mexico, Panama and Uruguay as well as in Spain and Italy.
In February, Codere Online reported full-year net gaming revenue of €211.6m for 2024, a rise of 23 per cent year-on-year. Adjusted EBITDA was €6.4m, a rise of 18.1 per cent, and the operator’s average monthly active player number rose by 13 per cent to 144,900.
Growth was driven by Mexico, where revenue rose by 30 per cent year-on-year to €106.6 million. However, revenue flattened in the last quarter due to the devaluation of the Mexican peso. In the operator’s home Spanish market, revenue rose by 16 per cent year-on-year to €87.7m as average monthly active players climbed by 17 per cent to 49,700.
