Tag Archives: madrid

Alberto Garzon: October marks a new era for Spanish gambling beyond sponsorship restrictions

La Liga football clubs have been placed in direct conflict with Spain’s Ministry of Consumer Affairs having renewed their betting sponsorships and partnerships ahead of the imminent enforcement of Spain’s federal Royal Decree on Advertising. This weekend, as La Liga commenced its 2020/2021 season, Alberto Garzon – Spain’s Minister of Consumer Affairs -lambasted football clubs for purposely undermining the Decree’s …

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Codere appoints Rafael Catalá as legal counsel ahead of crucial family showdown

Rafael Catalá, Spain’s former justice minister, has been forced to take control of Codere SA’s legal counsel to oversee the firm’s ongoing shareholder dispute between the Martinez Sampedro family and US debt holders. Spanish business news sources report that an embattled Codere no longer maintains a functional counsel to advise its corporate governance, following the successive departures of three executives …

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Codere appoints Shackleton to lead brand overhaul for Spain and Mexico

Grupo Codere has confirmed the appointment of Shackleton as its new creative marketing agency, as the Bolsa Madrid gambling group seeks to refresh its image within its home market of Spain, whilst expanding its public profile across the firm’s target South American growth markets. Shackleton wins the multinational account following a competitive pitch undertaken by Codere during May in which …

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Codere secures €250m credit lifeline on aggressive interest rates 

Embattled Spanish gambling group Codere SA has agreed terms on a new ‘refinancing proposal’ with existing bondholders, which will allow the firm to access a further €250 million credit extension.  Following weeks of negotiations, Codere has secured the vital liquidity funding to keep its Spanish and South American business units afloat. US bondholders Jupiter AM, Dryden Capital, Invesco and Blackrock …

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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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Carousel orders recruitment drive by promoting Littin to Digital lead

Carousel Group has confirmed the promotion of Josh Littin to the position of Director of Digital. He will be tasked with overseeing the firm’s online growth and product development strategies.   Littin has served as Carousel’s Head of Product since 2018, becoming a key stakeholder in the launch and strategic development of the firm’s Sportsbetting.com and Racebook.com properties.  Carousel confirmed that …

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Codere cancels debt repayments to review crisis options

Embattled Bolsa Madrid gambling group Codere SA has postponed payments on its debt tranches of €500m and $300m, as corporate governance reviews the firm’s long-term financing options. Yesterday, Codere made its decision public via a corporate filing with Spain’s competition and markets authority (CNMV). In its notice, Codere informed that its suspension of debt payments formed part of group-wide contingency …

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Garzón confirms Royal Decree sign-off on 28 February

Alberto Garzón, Spain’s newly appointed Minister of Consumer Affairs, has revealed that Royal Decree reforms will be formally announced on Friday 28 February. Garzón made his statement addressing civil servants of Spain’s DGOJ gambling regulatory authority at a meeting hosted by the Consumer Affairs Ministry. The long-awaited reforms for Spain’s advertising code on gambling products are to be presented to …

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Codere reviews ‘corporate structure’ following damaging LatAm investigation

Bolsa Madrid gambling group Codere SA has sanctioned a review of its ‘operating structure’, following an independent investigation of auditing discrepancies found within its LatAm subsidiaries. This October, an embattled Codere governance was forced to declare to Spain’s CNMV markets authority that year-to-date accounts had ‘overstated earnings’ by €13-20 million attached to the firm’s LatAm business unit. Facing investor backlash, …

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Madrid Council puts a firm break on gambling establishments

Madrid City Council has followed the lead of its Barcelona counterpart by confirming that it will freeze all further gambling-related retail concessions from opening within its municipal district. The decision has been confirmed by Madrid Council President Isabel Diaz Ayuso, who stated that the city’s executive would maintain the measure until the Spanish government implements its long-awaited federal decree on gambling. …

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