Nueva Codere Q3 revenue hits pre-pandemic levels thanks to strong LatAm growth

Photo: By Luis García, CC BY-SA 3.0 es, https://commons.wikimedia.org/w/index.php?curid=49864353

Nueva Codere Q3 revenue hits pre-pandemic levels thanks to strong LatAm growth

Article brief provided by iGaming Business
  • Zak Thomas-Akoo, iGaming Business
November 16, 2022 5:29 PM
  • Zak Thomas-Akoo, iGaming Business
  • Spain
  • Commercial Casinos
  • Igaming
  • Sports Betting
  • Suppliers

Spain, Italy and Latin America-facing gaming business Nueva Codere’s Q3 revenue increased 47.2% year-on-year to €343.4m ($357.8m), recovering to pre-pandemic levels.

The robust revenue growth is mainly due to the lifting of Covid-19 restrictions in venues, ensuring a rebound for Codere in almost all markets.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 74.8% to €57.4m from €24.6m in the same period the previous year. Codere’s potent performance in Argentina and other Latin American countries is one important factor in this result.

The company’s adjusted EBITDA margin also rose 2.6% to 16.7% in the three-months leading to 30 September compared to the same period of 2021.