Codere committed to all global units following corporate restructuring

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Codere has reassured investors that it remains committed to all business units as it currently undergoes a transitional period that involved a corporate restructuring. 

The Spanish operator has committed to all seven of its global markets including Latin American markets of Mexico, Argentina, Uruguay, Panama, and Colombia, confirming that it is “consolidating its project after the departure of its previous CEOs”. 

Codere is in a transitionary phase as it looks ahead to welcoming a new CEO in July following the departure of joint CEOs of Alberto González del Solar and Alejandro Rodino.

Corporate restructuring raised fears over the long-term outlook for the company and whether it would depart any markets, yet this announcement confirms that Codere is pushing ahead with its Latin American approach. 

Emilio Zaffignani, Interim CEO of Codere, outlined: “During this transition, we have established the foundations for the new stage of the group, with our total commitment to maintaining the portfolio under management, especially with the operations in Argentina, Mexico, and Spain, without any explicit mandate to carry out the asset network”.

Not only has the operator reaffirmed its commitment to global markets, but it has launched its “Global IT Plan”, which seeks to give support and investment to each of the units. Its aim, the company outlined, is to develop “a solid and sustainable base to compete again as leaders”. 

In 2022, Codere achieved revenues of $1.4bn, up 67.5% year-over-year. Meanwhile, it recorded an adjusted EBITDA of $248.5m for the year, $143.5m more than in 2021, and the firm’s adjusted EBITDA margin reached 17.6%.