Codere revenue doubles as new management takes over in Q4

| By Daniel O'Boyle
Codere brought in revenue of €291m in the fourth quarter of 2021, more than double the figure from the same period in 2020, as the business made steps towards recovery in its first quarter under new management.
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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.

Q4 of 2021 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.

“The recovery in this market has been slower than in other geographies due to the continuity of operating and capacity restrictions, as well as the country’s slow macroeconomic recovery,” Codere said.

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.

Zafra is an experienced lawyer, having held legal and compliance roles at CaixaBank and IberiaBank, as well as also serving as chief of staff for the Undersecretary of Spain’s Ministry of

Economy.

Prior to joining Codere, Pombo was chief financial officer of healthcare group Omint, while he has also worked in consulting for Arthur Andersen and Ernst & Young.

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