CIRSA has reported that strong January and February growth was wiped-out by Coronavirus circumstances, which forced the Spanish gambling operator to shut down its entire retail gambling presence. The Blackstone Group owned operator reported that company performance had been in-line with expectations until March, as Q1 operating revenues declined by 6% to €355 million. Publishing its top-line results, CIRSA revealed …
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Spain’s DGOJ has issued new guidance related to gambling venues reopening their business premises. Since mid-May, Spain’s federal council has enabled provincial governments to gradually ease lockdown restrictions, allowing retail and leisure businesses to reopen on the condition that they obey strict social distancing orders. Having reviewed the government’s ‘phase 2’ arrangements, the DGOJ has now published new guidance adding …
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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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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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Spanish operator RETAbet has reached an agreement to integrate any game from the Golden Race virtual sports portfolio, initially for the Spanish and Peruvian markets but in a deal open to future expansion. The Golden Race content offer includes more than 20 virtual football leagues and tournaments, a great variety of races and number games, as well as other innovative …
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In response to the Spanish Government’s fast-tracking online gambling advertising restrictions, marketing compliance specialist Rightlander has launched a new ‘Fast Track’ bonus tracking report. On 3 April 2020, the Spanish Government approved urgent measures to limit the advertising of games of chance and online gambling on all marketing channels during the “State of Alarm” caused by COVID-19. Since the introduction of …
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Mikel López de Torre, President of Spanish online gambling trade association Jdigital has fired back at the government fast-tracking agreed measures of Spain’s Royal Decree on advertising. To the surprise of betting incumbents, on Wednesday Spain’s Council of Ministers approved a package of temporary measures supporting health networks and emergency services battling the COVID-19 pandemic. Amongst the measures branded as …
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An emergency meeting held by Spain’s Council of Ministers has fast-tracked measures of the government’s approved Royal Decree on advertising. Yesterday, Spanish ministers approved a raft of temporary ‘social shield’ provisions aimed at protecting citizens during the ongoing COVID-19 crisis, which has ravaged the country’s healthcare networks. The Spanish government has implemented the strictest lockdown, social distancing and isolation measures …
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Norman Sorensen, Chairman of Grupo Codere SA, has urged Spanish ministers to maintain reasoned dialogue and analysis of Spain’s gambling sector. Sorensen made his comment in a letter accompanying Codere’s Bolsa Madrid annual statement, which emphasised that Spanish gambling has been besieged by ‘false beliefs’ and ‘radical political positions’ against its incumbents. Sorensen’s appeal comes after Spain’s new coalition government …
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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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