{"id":463,"date":"2024-06-27T08:50:27","date_gmt":"2024-06-27T05:50:27","guid":{"rendered":"https:\/\/vegas2webnodepositbonus.icu\/2024\/06\/27\/codere-reports-strong-third-quarter-revenue-growth\/"},"modified":"2024-06-27T08:50:27","modified_gmt":"2024-06-27T05:50:27","slug":"codere-reports-strong-third-quarter-revenue-growth","status":"publish","type":"post","link":"https:\/\/vegas2webnodepositbonus.icu\/2024\/06\/27\/codere-reports-strong-third-quarter-revenue-growth\/","title":{"rendered":"Codere Reports Strong Third-Quarter Revenue Growth"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/PBW1oIYzUgs\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Codere, the gaming enterprise operating in Spain, Italy, and South America, witnessed a substantial surge in its third-quarter revenue, climbing by nearly half compared to the previous year, hitting \u20ac343.4 million. This represents a notable recovery, restoring the company to pre-pandemic levels.<\/p>\n<p>Codere&#8217;s robust performance in the third quarter was propelled by expansion in South America, particularly in Argentina. The removal of Covid-19 limitations in venues enabled Codere to observe a strong resurgence across nearly all markets.<\/p>\n<p>The company&#8217;s modified earnings before interest, taxes, depreciation, and amortization (EBITDA) also experienced a significant climb, increasing by 75% to \u20ac57.4 million. This was primarily attributed to the robust performance in Argentina and other South American nations.<\/p>\n<p>Codere&#8217;s EBITDA margin also saw an improvement, reaching 16.7% in the third quarter. This signifies a 2.6% increase compared to the same period in the previous year.<\/p>\n<p>Across all South American markets, Codere observed revenue growth. Argentina witnessed the most substantial increase, with revenue soaring by 146% to \u20ac98.6 million, exceeding pre-pandemic levels. This was driven by an elevation in average player spending per visit. Comparable trends were observed in Panama and Uruguay, where revenue attained 98% and 116% of pre-pandemic levels, respectively. <\/p>\n<p>In spite of this, Codere&#8217;s operations in some regions, while expanding compared to the same time period last year, have not fully rebounded to pre-pandemic levels. Growth in Mexico was slower, with income increasing by 44.2% year-over-year to \u20ac61.4 million, only 81% of pre-pandemic levels. Codere attributed this to promotional limitations and the effect of indoor smoking bans.<\/p>\n<p>Codere specifically emphasized the slow growth in Mexico in its Q4 2021 report.<\/p>\n<p>&#8220;The market is recovering at a slower rate than other areas due to the continued presence of operating and capacity restrictions, as well as the sluggish economic recovery in the country,&#8221; Codere stated in its Q4 report.<\/p>\n<p>The company&#8217;s European operations have also struggled to reach pre-pandemic revenue levels. Spain&#8217;s total was \u20ac40.7 million, 88% of the third quarter of 2019, while Italy&#8217;s total was \u20ac68.2 million, only 83% of pre-pandemic levels.<\/p>\n<p>Reorganization<\/p>\n<p>Since November 2021, Codere has been led by new leadership after its creditors took control of the company. Control of the business has been transferred to a new holding company called Codere New Topco SA, which is owned by a group of former Codere bondholders.<\/p>\n<p>Meanwhile, the company&#8217;s online division has been separated through a SPAC merger, which was finalized a few weeks after the formation of Codere New Topco. The business also released its results today (November 16), reporting income of \u20ac28.9 million. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Codere, the gaming enterprise operating in Spain, Italy, and South America, witnessed a substantial surge in its third-quarter revenue, climbing by nearly half compared to the previous year, hitting \u20ac343.4 million. This represents a notable recovery, restoring the company to pre-pandemic levels. Codere&#8217;s robust performance in the third quarter was propelled by expansion in South [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Codere Soars: Q3 Revenue Up 50%!<\/title>\n<meta name=\"description\" content=\"Codere\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vegas2webnodepositbonus.icu\/2024\/06\/27\/codere-reports-strong-third-quarter-revenue-growth\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Codere Reports Strong Third-Quarter Revenue Growth\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Codere\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/vegas2webnodepositbonus.icu\/2024\/06\/27\/codere-reports-strong-third-quarter-revenue-growth\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Your Go-To Licensed Online Casino for Exciting Games &amp; News\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-27T05:50:27+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/vegas2webnodepositbonus.icu\/2024\/06\/27\/codere-reports-strong-third-quarter-revenue-growth\/\",\"url\":\"https:\/\/vegas2webnodepositbonus.icu\/2024\/06\/27\/codere-reports-strong-third-quarter-revenue-growth\/\",\"name\":\"Codere Soars: Q3 Revenue Up 50%!\",\"isPartOf\":{\"@id\":\"https:\/\/vegas2webnodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-27T05:50:27+00:00\",\"dateModified\":\"2024-06-27T05:50:27+00:00\",\"author\":{\"@id\":\"https:\/\/vegas2webnodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Codere\",\"breadcrumb\":{\"@id\":\"https:\/\/vegas2webnodepositbonus.icu\/2024\/06\/27\/codere-reports-strong-third-quarter-revenue-growth\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/vegas2webnodepositbonus.icu\/2024\/06\/27\/codere-reports-strong-third-quarter-revenue-growth\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/vegas2webnodepositbonus.icu\/2024\/06\/27\/codere-reports-strong-third-quarter-revenue-growth\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/vegas2webnodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Codere Reports Strong Third-Quarter Revenue Growth\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/vegas2webnodepositbonus.icu\/#website\",\"url\":\"https:\/\/vegas2webnodepositbonus.icu\/\",\"name\":\"Your Go-To Licensed Online Casino for Exciting Games &amp; News\",\"description\":\"Our licensed online casino is your go-to source for the latest industry news, game reviews, and expert insights. 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