Codere restructures European senior management

Spain’s Grupo Codere has announced the senior managerial appointments of Alejandro Pascual as European Chief Operations Officer and Jose Antonio Gonzalez Lainez as Chief of Spanish Operations.

Pascual will lead Codere European operations, having previously served as Chief Operating Officer of Codere Italia. He has held senior managerial positions at Codere since 2000 when he joined the gambling group a Director of Administration.

Gonzalez Lainez has been promoted from his position as Commercial Director for Codere Espana.

The senior appointments will play a key role in the Spanish gambling operator’s future growth strategy, as the operator sets to turn around its declining financial performance. Grupo Codere had reports eight straight consecutive losses and has suffered from failing casino investments in its Latin American business division.

In September of 2014 the gambling operator announced that it had restructured its €1 billion debt with creditors and shareholders, as the company had been placed under Spanish bankruptcy watch.

In its latest financial performance Grupo Codere had reported a €136 million operating loss for its opening nine months of 2014