Codere Publishes Financial Results for the First Quarter of 2022

Codere Online has released its financial results for the first quarter of 2022. The multinational gaming firm posted revenues of $304.8m which represents a recovery of 83% of total revenues before the pandemic hit.

The company cited the easing of restrictions across its operational markets, particularly in Argentina, Mexico, and Spain, for its economic recovery. The three aforementioned markets have noted a 92% of turnover recovery from pre-pandemic levels.

Furthermore, adjusted EBITDA has increased significantly to $50.5m, up 1291.4% from the $3.6m recorded in Q1 of 2021. The firm attributed this to all markets contributing positively but specifically Argentina, Mexico, and Spain.

Mexico contributed revenues of $51.8m, a 62% recovery on those made in Q1 of 2019 and 126% up on Q1 of 2021. Despite this, Codere noted that this was “somewhat below expectations” due to some restrictions and a downturn in the local economy.

Argentina reached revenues of $76.0m, around 91% of what it achieved in Q1 of 2019 and around 93% up YoY. The company did detail that the market was “still affected internally by the usual macro variables of the country”.

Other Latin American performances saw Uruguay reach revenues of $14.5m, 24% more than in 2020; Panama saw revenues of $16.1m, recovering 81% of the income from before the pandemic; Colombian revenues were $5.2m, 43% above those achieved in Q1 of 2021 and, crucially, exceeding pre-pandemic levels of turnover.

Maintaining its forecasts for the end of the year, Codere outlined its expectations that it will recover 95-100% of its pre-pandemic income levels before the end of the year.