Tag Archives: Grupo Codere

Codere bondholders call for Argentine break-up 

The break-up of Grupo Codere SA has begun, as debt-holders of the former Bolsa Madrid gambling group are reported to have contacted PE funds and interested parties with a view to selling the firm’s Argentine unit.  Sources close to bondholders disclosed to El Pais that Codere’s break-up would begin with a planned sell-off of its Argentine bingo and arcade business. …

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Codere underscores ‘ambitious expansion plan’ upon making Nasdaq debut

Codere Online has made its entry on the Nasdaq stock exchange, following the conclusion of its merger with SPAC DD3 Acquisition Corp. II, becoming the first listed wagering firm for Latin American markets.  The shares and warrants  of Codere Online will be listed on the Global Nasdaq stock market under the “CDRO” and “CDROW” tickers respectively. Codere Online predicts that …

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Codere launches global CSR campaign against gender violence

Grupo Codere has launched its new corporate social responsibility campaign ‘Red Bank’ supporting international charities to end violence against women. The Bolsa Madrid gambling group has adopted the tagline ‘violence is never love’ to launch its new CSR initiative promoting direct initiatives against gender violence, raising awareness to the social problem and promoting a culture of equality and respect for …

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Codere Online elects board nominations ahead of full divestment 

DD3 Acquisition Corp, the SPAC vehicle that intends to merge with Codere Online to become the first Spanish language markets wagering business listed on the US Nasdaq, has disclosed the company’s first executive directorship appointments. Maintaining schedules, DD3 and Codere Online are expected to merge on Thursday 18 November – following the conclusion of a shareholders meeting to finalise the …

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Codere appoints ‘transformation pro’ Luis Sanchez Serrano to lead digitisation strategy

Bolsa Madrid gambling group Codere SA has confirmed the appointment of Luis Sanchez Serrano as new Corporate Director for Technology and Digitisation. A fresh face to the gambling sector, Sanchez Serrano is a 23-year veteran of the Spanish financial services industry, having led technology and innovation divisions for Liberbank, Bankinter and Banco Espirito Santo Portugal. Moving forward the executive will …

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Codere reforms organisation to drive ‘global efficiencies’

The governance of Bolsa Madrid-listed Grupo Codere SA has allowed the firm’s executive team to carry out a series of organisational reforms, designed to improve and simplify Codere’s globalised day-to-day operating structures. In its update, the executive of embattled Codere, details that organisational reforms are needed to simplify the firm’s regional units, enhance commercial capacities, whilst improving corporate operating margins …

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All eyes on wounded Grupo Codere

European business analysts are monitoring the movements of Bolsa Madrid gambling firm Grupo Codere SA closely, as the embattled company faces multiple obstacles in its corporate recovery. Following the publication of its Q3 2018 trading update (13 Nov) in which the company posted year-to-date net losses of €55 million, Codere has witnessed its share price collapse from €6.20 to €2.85 …

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Codere eyes Malta expansion for tax relief

Embattled Spanish gambling group Codere SA is reported to be reviewing its financial structures, seeking to increase its operating presence within Malta, as corporate governance moves to lessen the firm’s fiscal liabilities. The Bolsa-Madrid enterprise seeks to replicate the operating structure of many European gambling counterparts, maintaining its management headquarters in Madrid, whilst migrating certain operational departments to Malta. At …

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Blackstone eyes tricky Codere Spain buyout

Spanish business news source OK Diario has reported that US multi-national private equity firm Blackstone is preparing a bid for Grupo Codere, Spain’s largest gambling operator. The private equity firm, seeks to create the world’s leading Spanish-language gambling/betting group, merging its recently acquired Grupo CIRSA asset with Codere’s enterprise. In its report, OK Diario details that Blackstone executives have turned …

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Codere’s 2018 opening hurt by severe South American currency declines

Steep South American currency declines against the US dollar, having impacted Bolsa Madrid gambling firm Grupo Codere’s Q1 2018 performance. Publishing its Q1 2018 trading update (period ending 31 March), Codere reveals a corporate revenue and earnings decline, despite growth in its home market of Spain. Group operating revenues, declined by 5.5% to €383 million (Q1 2017: €405 million), as …

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