Codere Q1 revenues down amid Mexico and Argentina headwinds

Codere Q1 revenues down amid Mexico and Argentina headwinds

Article brief provided by iGaming Business
  • Kyle Goldsmith, iGaming Business
May 20, 2024 7:45 PM
  • Kyle Goldsmith, iGaming Business
  • Latin America
  • Spain

Codere has reported Q1 revenues of €313.8m ($339.9m), 13.6% down on the same quarter last year as it pointed to challenges in Mexico and Argentina.

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Codere’s Q1 revenue fell far short of the €363.1m in revenue Codere accumulated in Q1 2023. The group’s adjusted EBITDA for Q1 also fell, dropping 26.6% from €64.4m to €47.3m. Consolidated net revenues for Q1 stood at €185.9m, again a 12.1% decrease on the €211.5m reported in Q1 2023.

Despite the fall in revenue, however, Codere noted that the group’s cash position had remained largely stable at €104m from €107.5m at the beginning of the period.

Codere highlighted that the group’s adjusted EBITDA in Q1 showed the continuing recovery of the business following the elimination of restrictions in Mexico and Argentina.