Codere reduces losses by 58.6% in the first half thanks to online gaming
The gaming company Codere reduced its losses by 58.6% in the first half of the year, to 69.8 million euros, compared to the same period in 2021 (167.8 million), the company reported this Thursday . In the second quarter, the group’s losses were cut in half, to 37.3 million, compared to the same period in 2021, when it reached a red number of 77.2 million.
The company experienced in this last period an increase in its turnover of 8.2% compared to the previous quarter, up to 317.7 million, driven by the business in Argentina and the good result of the electronic game. Codere highlights this recovery during the second quarter in a note and puts revenue at 91% over that obtained before the pandemic. He adds that if this trend continues, expects to reach 2019 levels before the end of the year.
In Spain, Codere’s business showed a slowdown in revenue recovery in the quarter. He explains it “mainly” by the “lower results” in the sports betting business in May. The group says it was “negatively affected” in the second quarter by sports betting performance when Real Madrid won the Champions League in May.
Also in Spain, the recovery trend of bingo was lower than expected, “slightly underperforming” to the first quarter, while machine revenues remained flat. However, Codere assures that the performance of Spain in this quarter it has been 88% compared to the same period prior to the pandemic.
Regarding the online business, Codere obtained in the analyzed period income of 27.4 million, 36% more in the interannual rate driven by Mexico and a favorable evolution of Spain. In terms of park installed as of June 30, 2022, Codere had 44,223 machines, 140 game rooms, 1,065 arcades, 176 sports betting shops and 8,226 bars.