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NEWS 1 March 2018

Codere revenues up 6.8% in Q4 2017

By Robert Simmons

Spanish-based casino operator Grupo Codere has announced a 6.8% rise in its operating revenues for the fourth quarter of 2017.

In its final financial filing of the year, the company announced operating revenues of €422.7m, surpassing the €395.7m accrued during the same period of 2017, attributing this rise in revenue to strong performance in Italy, Spain, Argentina and Uruguay.

Fourth quarter adjusted EBITDA rose by 11.7% during 2017 to a high of €73.6m, representing a margin of 17.4%.

The total number of slots operated by the company increased by a modest 2.7% during Q4 2017, rising to 56,548 across the company’s retail properties, while the numbers of company operated gaming halls and sports betting shops grew to 148 and 10,293 respectively during the quarter.

Company expenditure during the fourth quarter of 2017 dropped by 24% to €43.5m, which included over €31.2m in spending on maintenance and a €12.3m spend on growth projects in Spain, Mexico and Italy.

It was a turbulent end to the quarter for the operator, whose long serving group CEO, José Antonio Martínez Sampedro, a member of the founding Martinez Sampedro family, was acrimoniously forced to step down from the role in January amid an extensive management and governance restructuring of the Codere brand.

Codere’s full-year 2017 revenues increased by 6% year-on-year to €1.64bn from a full year 2016 high of €1.54bn following growth in the company’s key markets of Argentina, Mexico and Italy.

Looking at this figure more closely, Latin America operations generated 68% of Codere’s revenue at €1.11bn, with Italy adding a further €335.8m to the revenue pot and finally Codere’s home market of Spain which contributed €188.1m in revenue during full year 2017.

RELATED TAGS: Land-Based | Industry | Sports Betting | Financial | Casino
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