Nueva Codere has stated its revenue performance has returned to pre-pandemic levels in Q3 2022 following a “strong recovery” in most of its markets.
The group noted that its main Latin American markets of Mexico and Argentina performed well, with the latter growing following a higher average spend per visit during the measuring period.
Posting its Q3 results, Nueva Codere declared revenues of US$357.92m for the period, a 47.2% improvement year-over-year and a return to pre-pandemic levels following the lifting of COVID-19 restrictions and a strong recovery in most markets.
The group noted an adjusted EBITDA for the quarter of $59.83m, a 74.8% uptick YoY, thanks to a solid performance in Argentina. Adjusted EBITDA margin stood at 16.7%, 2.6 higher than the previous year.
As of September 30, 2022, the group’s cash position was $150.09m.
Nueva Codere’s Latin American growth
Nueva Codere reported growth across several Latin American markets during Q3, including two of its main markets in Mexico and Argentina.
The group stated that Mexico is gradually recovering with revenues of $64m, a 44.2% increase YoY, and 81% of the turnover declared during Q3 2019.
Meanwhile, Argentina’s revenues hit $102.77m, a 146% improvement on the previous year, and 122% of pre-pandemic numbers, largely down to an increase in average spend per visit.
In other Latin American markets, Uruguay posted revenues of $21.89m, 116% of Q3 2019’s turnover; Panama reported $20.01m in revenue, 98% of pre-COVID levels; and Colombia declared $5.52m in revenue, a 26.6% increase YoY and 110% of Q3 2019 revenues.
Elsewhere, Nueva Codere achieved revenues of $42.42m in Spain – a 7.4% YoY improvement and almost 88% of Q3 2019 returns – and revenues of $71.08m in Italy – 4.4% more than in the previous quarter and recovering 83% of its turnover in the same period of 2019.
Codere Online reported a positive Q3 as well, as revenue grew to $30.23m, a 51.5% improvement YoY thanks to Mexico and Spain. Codere Online will present its Q3 results independently from Nueva Codere.