The operator also noted that this figure was 85% of the total it recorded in 2019, before the Covid-19 pandemic had a major impact on its ability to do business.
The period was the first quarter of operation of Nueva Codere, the new business created after creditors took control of the original Codere business due to mounting debts.
Looking at revenue by market, Spain brought in €42m, which was 31.6% more than in 2020, and close to 90% of the total recorded in 2019. In Italy, revenue grew by 50.0% to €75m, which Codere noted came despite the introduction of a mandatory “Covid passport” to enter its facilities. In Mexico, revenue more than doubled to €54m, though this was still 26% less than Q4 of 2019’s total.
In Argentina – where recovery was again impacted by macroeconomic effects – revenue was €66m, which was 13% short of Q4 of 2019’s figure. Revenue from Uruguay increased by 6% to €12.6m while revenue from Panama doubled to €16.5m. In Colombia, revenue came to €4m.
Looking at Codere’s remaining online business, revenue was up 10% from 2020 and 46% from 2019. Much of the online operations of the pre-restructuring Codere were spun off into Codere Online, which went public on the Nasdaq exchange through a SPAC merger last year.
In addition to reporting its results, Codere announced the appointments of Antonio Zafra as corporate director for legal and compliance and Fernando Pombo, corporate director for strategy and corporate development.
A statement from the company said: “With the culmination of its financial restructuring process and the launch of Codere Online on Nasdaq and after two complicated years of the pandemic, the company began the year by beginning a new stage, with its portfolio intact and a strengthened financial situation.”
"This allows the development of a business plan that returns the group to its growth path, after this period of normalisation, with important opportunities, especially in Spain, Mexico and in the digital business.”
Source: GMB / iGB
