Spanish gaming group Codere said that, although adjusted earnings projections for Argentina had been cut since the publication of its first-quarter results in May from between €67m and €72m to between €61m and €66m, its overall EBITDA guidance would remain unaltered at between €280m and €290m.
The Argentine peso nosedived earlier this month in the wake of a primary election result that projected a victory in the October general election for opposition candidate Alberto Fernández, against current President Mauricio Macri.
Codere said that “group guidance remains stable despite Argentine peso devaluation thanks to overperformance in markets such as Mexico and Uruguay, among others”.
Strong performances in Mexico, Spain, Colombia and Uruguay has seen group earnings outside Argentina in the second quarter had rocketed from by 30.5% from €40.6m to €53.0m year-on-year, Codere said, demonstrating less reliance on the Argentinian market.
Despite revenue in Argentina slumping by 27.2% from €109.9m to €80.0m year-on-year in the second quarter, revenue outside the country improved by 3.3% from €266.1m to €274.9m.
Source: GMB / iGaming Business
