VIE 10 DE ABRIL DE 2020 - 16:19hs.
Those in other countries were closed

Codere only keeps open its 36 gaming rooms in Mexico

The coronavirus crisis continues to alter the business plans of companies in the gaming industry. The one that took a drastic measure, in this case, is the multinational Codere. The company updated the restrictions affected by the international pandemic and temporarily closed its gaming rooms worldwide except in Mexico, where it has 36 open establishments.

As reported by the Spanish gaming company to the National Securities Market Commission (CNMV), of these 36 establishments in Mexico, 15 would also be operating under restrictions on capacity and opening hours.

However, the company ensures that its current liquidity position and the contingency plan put in place have made it "ready" to face a period of business interruptions "of several months" and to normalize payments and operations afterwards.

It should be noted that the Group's online offer in Spain, Mexico, Colombia and Panama remains operational.

The contingency plan includes the provision of a “super senior corporate revolver credit” line of 41 million additional liquidity, up to a total of about 140 million, in addition to a loan obtained in Mexico recently.

Likewise, the Group is limiting cash outflows only to critical elements while the closings continue; negotiating with the relevant counterparties in the different markets to reduce, delay or extend payment periods to accommodate them in the current scenario; paralyzing investment in fixed assets and analyzing different avenues to reduce the rate of cash consumption; and including the temporary reduction of personnel expenses.

Source: GMB