Codere revenues are on the up

Codere is one of the most popular and significant casino operators in Spain. They are regarded as a top choice for the casino players and that was proven in a quite imposing way. And that is because the Spanish-based casino operator Grupo Codere has announced a 6.8% rise in its operating revenues for the fourth quarter of 2017. Codere has a great appeal in Spain (as it is expected), Italy and Latin America, creating a very strong portfolio of players.

The numbers are telling the truth

Just a few days before, Codere announced its final financial filing of the year. The company published operating revenues of a huge 422.7 million euros. That, surpassed  the 395.7 million euros accrued during the corresponding period of 2016. As the Codere governance mentioned, this rise came due to the strong presence the operator had in Italy, Spain, Argentina and Uruguay.

In addition, the adjusted EBITDA of the company for the fourth quarter of 2017, rose by 11.7% during 2017. In other words, it rose a high of 73.6 million euros. That amount represents a high margin of 17.4%. Furthermore there was an increase on the number of slots operated by the company. More exactly, there was a rise by a modest 2.7% during the last quarter of 2017. That rate suggests a rise of 56,548 across the company’s retail properties. Also, the numbers of company operated gaming halls and sports betting shops grew to 148 and 10,293 respectively during the same period of time.

Management restructuring

Those are not the only news from the Codere front though. It is a fact that there was a turbulent end to the quarter for the operator. And the reason for that is because the long serving group CEO, José Antonio Martínez Sampedro, was acrimoniously forced to step down from the role in January. This happened amid an extensive management and governance restructuring of the Codere brand. In general though, 2017 was a good year for the popular Spanish based operator. Expectedly, the 2017’s financial outcome brought joy and huge smiles in the company’s governance.

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