Codere reports €64.6 million in losses for H1 2014

Javier Martinez Sampedro – CEO

Spanish and Latin American focused gambling operator, Grupo Codere reported operational losses of €64.6 million (£51.4 million) for the first half of 2014. The loses attributed by Codere during the period will be absorbed with the recorded losses of €74.7 million (£60.1 million) for H1 2013 performance.

Codere reported company turnover of  €656.6 million (£520.8 million) down 15% on H1 2013 figures, as the distressed operator reported steep declines in wagering within their Mexican (-26%) and Argentine (-28%) operations.

The operator reported performance declines in the majority of its active markets including Spain, Italy and Colombia. Codere’s decline recorded an EBITDA profit for H1 of €91.6 million (-15.7% on 2013 performance).

During the period Codere had undertaken various cost saving measures in order to halt its declining performance. The operator had announced that it had let go of 4000 employees within its Latin American divisions.

In January of 2014,  Spanish business news sources reported that Grupo Codere had accumulated more than €1.1 billion in debt. The operator had failed to meet its last two bond agreements with creditors.

Founded and managed by the Martinez Sampedro family, Codere SA has posted eight consecutive quarters of losses, the operator claims that earnings had been hurt by recession and higher gaming taxes imposed on European markets. Codere SA had further suffered due to costly expansion of group casinos in the South American markets – Mexico and Argentina

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