Latin America drives strong growth for Codere in Q1

Codere Online and Nueva Codere split last year.
Codere Online and Nueva Codere split last year.

The Latin American operator has reported net gaming revenue of €25.5m for the quarter.

Spain.- Codere Online has reported net gaming revenue of €25.5m for Q1, up 24 per cent year-on-year. Spain accounted for the largest share of revenue at €13.2m, an increase of 1.5 per cent. But the biggest growth came in Latin America where revenue from Mexico rose 56.2 per cent to €10m and Colombian revenue rose 81.4 per cent to €1.5m.

CEO Moshe Edree said: “The business is off to a good start, with a 24 per cent increase in net gaming revenue in the first quarter on the back of a very strong performance in Mexico and solid results in Spain where net gaming revenue is above where it was prior to the significant marketing restrictions implemented in May last year.”

CFO Oscar Iglesias forecast a further increase in revenue in the second half of 2022.

He said: “The business continued to track well in the first quarter of the year, with revenue growth in line with our expectations. We expect revenue growth to accelerate over the next few quarters and a significant uplift in second-half results.”

Nueva Codere is yet to see a recovery to pre-pandemic levels 

Codere Online was separated from its parent company after Codere was taken over by its creditors in November. The rest of the company is now known as Nueva Codere, led by Alberto González del Solar and Alejandro Rodino as joint CEOs, with former Ladbrokes Plc CEO Christopher Bell as chairman.

Nueva Codere reported revenue of €293.7m for the first quarter of 2022, which is a decline of 17 per cent against pre-pandemic levels from 2019. Argentina accounted for €73.2m, Italy €63.4m, Mexico €49.9m, Spain €43.6m and Uruguay €14m.

Spanish revenue was up 63.7 per cent, coming in just 10 per cent short of pre-pandemic levels. Mexican revenue also recovered strongly, up 126 per cent year-on-year thanks to the reopening of venues after Covid-19 lockdowns. EBITDA for the quarter was €48.7m, up €45.2m year-on-year.

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Codere Codere Online