Tag Archives: argentina

Codere records 10X losses seeking vital lifeline 

Embattled Codere SA has published its Q1 2020 trading statement, declaring group-wide losses of €97m as the company continues to seek vital funding for its operating units. The figure represents a 10X increase on its corresponding Q1 2019 losses of €8.6m, as Codere’s European and South American gambling venues have ceased trading due to the COVID-19 global pandemic.  The Bolsa …

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Codere Chairman pursues final options to save the company 

Codere SA is pursuing emergency financing options having failed to convince investors to back its business recovery plans, according to Spanish business news source La Razon.  The embattled Bolsa Madrid gambling group has failed to secure a further €100m credit line to keep it’s Spanish and LaTam retail business units afloat during lockdown. On the edge of bankruptcy, Codere is …

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Codere secures €20m loan to safeguard Mexico unit

Bolsa Madrid gambling group Codere SA has informed investors that it has secured a further €20 million loan which will support its Mexican business unit.  Sanctioned on Friday 13 March, Codere governance secured access to an additional MXN 500-million-peso bond (€20 million) with debt terms set for maturity in 2025.   Updating investors, Codere stated that the loan has been sanctioned …

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Codere pays high price for 2019 auditing blunders

Publishing its full-year 2019 trading results, Bolsa Madrid gambling group Codere SA has recorded corporate net losses of €62 million, representing a 32% increase on the firm’s cumulative €47 million loss recorded during FY2018.  Codere investors had little to cheer over as the embattled operator recorded declines across all core operating metrics, reporting a 6% drop in group revenues to …

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New BA governor Kicillof appoints Omar Galdurralde as IPLyC lead

Argentine business news sources report that newly elected Governor of Buenos Aires Province Axel Kicillof is set to appoint close associate Omar Galdurralde as the new Director-General of the Argentine Provinces Board for Lotteries and Casinos (IPLyC). Kicillof, Argentina’s former Economic Minister, takes charge of Buenos Aires executive having won BA Province’s 27 October governorship election against former incumbent Maria …

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Juan Barrachina – Kambi is the proven player for LatAm incumbents

Stockholm-listed sports betting systems provider Kambi Group Plc has set about dominating all wagering provisions for South American incumbents by expanding its existing commercial pipeline from Mexico’s borders to the “end of the world” in Tierra del Fuego Chile. Speaking to SBCNoticias, Kambi LatAm commercial lead Juan Barrachina underlined that the technology group is eyeing growth in Brazil and Buenos …

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Argentina: Paving the way for exponential iGaming growth

Argentina is regarded by igaming experts as a country with huge potential, writes BtoBet CEO Alessandro Fried. In fact, big recent strides to regulatory laws have cemented its igaming credentials. From a regulatory point of view there remain provinces yet to allow online betting, but it seems that the country as a whole is keen on regularizing the industry – albeit …

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Dire Q3 sees Codere declare group losses of €30 million

Publishing its Q3 trading statement, Bolsa Madrid gambling group Codere SA records performance declines across all key operating markets, impacting the firm’s corporate recovery. Reporting declines across all South American territories (except Uruguay) and a stagnating performance in its home market of Spain, Codere posts a 3.6% decline in group revenue to €343 million (Q32018: €356m). Despite reducing its exposure …

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InsiderSport: On The Ball – China to host 2021 FIFA Club World Cup

From sponsorship to the ever-expanding world of football media coverage, when it comes to the business of football, InsiderSport has you covered. This week’s OTB reports on the latest MLS expansion franchise, FIFA’s Club World Cup announcement and Amazon’s latest fly-on-the-wall documentary featuring Tottenham Hotspur.  FIFA awards hosting rights of the 2021 Club World Cup to China China PR has …

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Codere points towards stability reducing interim losses to €8.5m

Publishing its H1 2019 interim results (period ending 30 June), Bolsa Madrid-listed gambling group Codere SA improves its trading stability, reducing corporate losses by 78% to €8.5 million (H12018: -€39m). As communicated in August, the Spanish gambling group’s period performance would be impacted by Argentina’s volatile economic conditions, which sees Codere record a 6% decrease in group revenues to €712 …

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