Codere expands in Italy with Codgames Stake

Codere SA has declared its commitment to expanding within Italy’s evolving gambling market by acquiring a majority stake in Codgames SRL.

The heritage Spanish gambling group has agreed terms with the Manna family to acquire a 70% stake in Codgames, a licensed distributor of Video Lottery Terminals (VLTs) and Amusement with Prize (AWP) machines in the province of Calabria.

The investment marks a strategic enhancement for Codere and strengthens its twenty-year presence in the Italian gambling market.

Codere’s presence in Italy is primarily established through the bingo network of Operbingo, a business acquired in 2001. The firm’s Italian footprint has since been expanded through gaming machine concessions for the distribution and management of AWP machines and VLT terminals.

Operating under the Operbingo subsidiary, Codere will now add a further 600 active machine contracts in Calabria to its existing channel of over 7,000 machines supplied to a network of 800 bars.

Codgames’ Armando Manna, who will join Codere as a new partner, said: “We are proud to join a group like Codere, which has demonstrated not only solid experience and reliability, but also a deep respect for local operators. We trust that this collaboration will allow us to successfully face future challenges and continue to add value to our community.”

In 2025, the Italian government will finalise the terms of a major reorganisation of Italy’s land-based gambling sector, impacting both physical venues and online operations. This reform aims to modernise the industry, strengthen regulatory oversight, and address challenges such as illegal gambling and player protection.

The transaction is particularly significant for the market as it marks Codere’s first M&A activity since its 2024 refinancing plan.

Last year, bondholders resolved Codere’s outstanding financial liabilities. The group’s net debt was reduced from approximately €1.4 billion to around €190 million, with further reductions bringing it down to around €65 million.

The recapitalisation plan received overwhelming support from creditors, with over 90% approval, demonstrating strong confidence in Codere’s strategic direction. Alejandro Pascual, Regional Manager of Codere Europe and COO of Italy, stated: “This acquisition represents an important step in our territorial expansion plan in Italy.

“Codgames embodies the values we look for in our partners: professionalism, local roots, and commitment to the sector’s development. We are convinced that this alliance opens the door to new opportunities and strengthens our long-term joint project.”