Nueva Codere revenue recovers to pre-pandemic levels

Nueva Codere was handed over to former creditors a year ago.
Nueva Codere was handed over to former creditors a year ago.

Codere’s Q3 revenue was up 47.2 per cent year-on-year after strong performance in Latin America.

Spain.- Nueva Codere has reported revenue of €343.4m for Q3, an increase of 47.2 per cent year-on-year. Revenue rebounded in almost all markets, recovering to pre-pandemic levels.

Codere’s retail offerings had been hit hard by Covid-19 closures in all of its markets in 2020 and 2021, but the lifting of all restrictions led to a strong recovery, particularly in Latin America. Adjusted EBITDA was up 74.8 per cent year-on-year at €57.4m from €24.6m.

The biggest increase in revenue was recorded in inflation-hammered Argentina, where revenue rocketed by 146 per cent to €98.6m – 122 per cent of pre-pandemic revenue from 2019. The average player spend increased significantly. Revenue also rose sharply in Panama, up 98% against 2019 at €19.2m. Revenue from Uruguay hit 116 per cent of pre-pandemic figures, rising to €21m.

In Mexico, revenue was up 44.2 per cent year-on-year to €61.4m, but that’s still only 81 per cent of 2019 Q3 revenue. Codere put the slower recovery down to promotional restrictions and a ban on indoor smoking.

Nueva Codere’s European markets are also recovering more slowly. Revenue in its native Spain reached €40.7m, 88 per cent of Q3 2019 revenue. Revenue from Italy reached 83 per cent of Q3 2019 revenue at €68.2m.

Nueva Codere was transferred to Codere’s former creditors via the holding company Codere New Topco SA a year ago. The company’s online division was spun off in a SPAC deal to list on the Nasdaq. It reported €28.9m in revenue for Q3.

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