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Codere vows to keep all units despite reorganisation  

Codere SA has vowed to investors that it will maintain all business units operating across seven markets within Europe and South America. 

The Spanish gambling group has made its pledge having secured €100m in liquidity funding this March, guaranteed by bondholders and existing shareholders “in support of its long-term business plan”.

2022 saw a restructured Codere generate revenues of €1.3bn, up 68% on 2021 results of €791m, whilst it more than doubled its adjusted EBITDA to €232m (FY2021: €99m).

Further highlights saw the group’s Codere Online subsidiary report a year-on-year growth in revenue of 55% to €40m, whilst lowering its operating losses from €13m-to-€2m.

During Q1 trading, Codere announced that it had entered a new ‘transition process’ with the aim of securing its liquidity funding and due to the co-resignation of its joint-CEOS of Alberto González del Solar and Alejandro Rodino.

Updating investors, the board of Codere is confident that it will name a new CEO by the beginning of July. Further initiatives have seen Codere launch a new ‘Gobal IT Plan’ , with the aim of providing common support to all units of the group and strengthening security.

Corporate governance maintains Codere’s long-term outlook that the business will become effective in generating gross profits by 2025 – maintaining its business units in Spain, Italy, Colombia, Mexico, Uruguay, Panama and Argentina.

Emilio Zaffignani, Interim CEO since last April, explained: “During this transition, we have established the foundations for the new stage of the group, with our total commitment to maintaining the portfolio under management, especially with the operations in Argentina, Mexico and Spain, without any explicit mandate to carry out the asset network.

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