SBC News Codere secures Hard Rock Mexican market joint-venture

Codere secures Hard Rock Mexican market joint-venture

Spanish business news sources report that Bolsa Madrid gambling group Codere SA has signed a joint-venture agreement with Hard Rock International, which will see both companies develop new gaming properties within Mexico.

The joint-venture will begin with Codere and Hard Rock establishing a new ‘tourist complex’ valued at $1 billion, which will see the US leisure and entertainment group develop its second ‘guitar-shaped hotel’ within Mexico City.

Partnership terms will see Codere ‘cede land’ to Hard Rock, who will finance the development of the Mexico City ’48- storey complex’ housing a gaming floor and sportsbook property serviced by Codere.

Reports detail that Codere will act as the minority partner in the development of the Hard Rock complex, maintaining 40% of equity.

The joint-venture agreement has been marked as a major coup for Codere and its ongoing corporate transformation programme, which seeks to expand the business within the markets of Mexico and Brazil.

Facing a number of business challenges, Codere governance appointed investment bank Credit Suisse to act as lead financial advisor last June, giving the group a two-fold mandate of reviewing all operating divisions and raising capital for new expansion projects.

Codere had previously announced that it was pursuing a strategic Mexican partnership with Hard Rock International, in which it had propositioned operating gambling halls within the leisure firm’s hotel properties of Cancun, Los Cabos, Cozumel and Lázaro Cárdenas.

Check Also

SBC News Brazil Senate backs bill to revert effects of problem gambling

Brazil Senate backs bill to revert effects of problem gambling

Rodrigo Pacheco, President of the Brazilian Senate, has backed a new ordinance to revert the …

SBC News Delasport dedicates increased resources on Brazil market launch

Delasport dedicates increased resources on Brazil market launch

Delasport has achieved full compliance with Brazil’s new regulation requirements for sports betting and online …

SBC News Sportradar to safeguard Brazil’s newly regulated sports betting

Sportradar to safeguard Brazil’s newly regulated sports betting

Sportradar has signed a Technical Cooperation Agreement (ACT) with the Brazilian Ministry of Finance, through …