A gaming firm, Codere, has announced a robust third quarter in 2022, achieving a 54% year-over-year surge in net gaming revenue, reaching €30.6 million (approximately US$31 million). This signifies substantial expansion compared to the €19.8 million generated during the corresponding period last year.
The company’s positive results in the third quarter contributed to a favorable nine-month period concluding on September 30th. The total net gaming revenue for the year thus far attained €85.2 million, marking a 40% rise from the €61 million documented in the same timeframe in 2021.
Despite the encouraging revenue figures, Codere did disclose a net loss of €11.6 million for the quarter, resulting in year-to-date losses of €28.4 million. Nevertheless, the company maintains a solid cash reserve of €72 million.
Moshe Edree, Chief Executive Officer of Codere Online, attributed the company’s Q3 achievements to the “exceptional results” of its internet gaming activities. He emphasized the particularly remarkable performance in the Mexican market, where net gaming revenue escalated by a noteworthy 82%. Even within Spain, where marketing limitations exist, Codere surpassed projections with a 29% revenue growth.
Looking forward, Codere Online expresses positivity regarding the final quarter of the year, especially with the approaching FIFA World Cup. CFO Oscar Iglesias conveyed confidence in reaching the higher range of their full-year net gaming revenue projections, narrowing the estimated span to between €115 million and €120 million. The company also conveys enthusiasm about the possibilities within the Argentinian market and aspires to become a prominent operator in the nation.
Codere verified receiving the green light to conduct business within Argentina’s Cordoba region. The company plans to launch operations there at some point in 2023.
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