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Codere Online Reports Financial Results for the Second Quarter 2023

- Total revenue was €37.1 mm in Q2 2023, while net gaming revenue[1] was €39.1 mm in the period, 35% and 34% above those from Q2 2022, respectively.
- Mexico revenue was €16.2 mm in Q2 2023, while net gaming revenue was €18.0 mm in the period, 51% above of Q2 2022.
- Spain revenue (and net gaming revenue) reached €17.5 mm in Q2 2023 (24% above Q2 2022).
- Net loss was €1.7 mm in Q2 2023 versus a net loss of €6.7 mm in Q2 2022.
- Total cash position of over €45 mm as of June 30, 2023.
- Increasing full year 2023 net gaming revenue and Adjusted EBITDA outlook to €150-160 mm and negative €15-25 mm, respectively, and reiterating plan to be EBITDA and cash flow positive for the full year in 2024.
Madrid, Spain and Tel Aviv, Israel, August 31, 2023 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO
/ CDROW, “the Company”), a leading online gaming operator in Spain and Latin America, has released its financial results for the second quarter ended June 30, 2023.
Attached are the main financial and operating metrics of the period.
Aviv Sher, CEO of Codere Online, stated, “We’re glad to present a strong set of second quarter results and to continue building upon the momentum from the first quarter. Our net gaming revenue grew 34% to €39 million, in line with the level from the first quarter despite the seasonal decline in sporting events. Our casino product, which has been a strategic priority for some time, contributed 54% of our revenue in the period”.
Mr. Sher further added, “Mexico posted impressive top line growth of 51% in the second quarter, reaching €18.0 million and surpassing Spain for the first time since launching operations in the country. In Spain, net gaming revenue grew by an equally impressive 24% to €17.5 million.”
Oscar Iglesias, CFO of Codere Online, stated, “We continue delivering strong revenue growth, despite a lower level of marketing investment, on the back of strong brand recognition, higher quality customers and continued improvement in our product offering. This has allowed us to reduce our Adjusted EBITDA loss by more than half to negative €4.5 million in the second quarter.”
Mr. Iglesias further added, “We feel very encouraged by first half results, which continue to exceed our original expectations, and now expect to generate between €150-160 million of net gaming revenue in 2023, a 7% increase at the midpoint versus our prior outlook. In regards to Adjusted EBITDA, we expect to deliver negative €15-25 million, and believe we are well on track to deliver positive EBITDA and cash flow for the full year in 2024.”
Recent Events
Board Member Appointments:
- In its meeting held on August 30, 2023, our Board of Directors appointed Gonzaga Higuero as a new member, replacing Daniel Valdez as one of five directors nominated by Codere Newco S.A.; o Mr. Higuero was recently appointed CEO of Codere Group and brings an extensive experience in top management positions, leading refinancing processes, turnarounds and acquisitions, both in Europe and Latam;
o The Company thanks Mr. Valdez for his valuable contribution to the Board over his nearly two years of service and for his unwavering support of the Company and its management team;
- In our Annual General Meeting held on June 22, 2023, Michal Elimelech was appointed as a new member of our Board of Directors, replacing Oscar Iglesias as one of five directors nominated by Codere Newco S.A. Mr. Iglesias will continue working in his current executive role as CFO of Codere Online.
SBC Awards:
We have been invited to participate in the SBC Awards that will take place on September 21, 2023, in Barcelona, and have been nominated in the following categories:o Best affiliate program; o Southern European operator of the year; o Sportsbook operator of the year.
Spanish Retail Withdrawal Fraud:
We recently became aware of a successful fraud committed against the Company in Spain, related to a series of withdrawals totaling €0.5 million made by a customer from his online account in a third-party retail gaming hall (i.e. affiliate). An investigation is underway and the Company will be pursuing a recovery of the misappropriated funds.
Conference Call Information
Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, August 31, 2023. Dial-in details as well as the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.
Latest News
Welcome to the Weekend Friday Fireworks at Plaza Hotel & Casino to celebrate UNLV Runnin’ Rebels on July 11 and Vegas Knight Hawks on July 18

The Plaza Hotel & Casino will honor two popular Las Vegas sports teams with its weekly Welcome to the Weekend Friday Fireworks Show this week and next.
Tomorrow night, Friday, July 11, members of the University of Nevada Las Vegas (UNLV) dance team, the Scarlet Dance Line will be the guests of honor to ignite the fireworks from the TNT box at 9:15 p.m. at Carousel Bar. UNLV alumni and fans are encouraged to wear university gear to Carousel Bar, which will have a DJ starting at 7 p.m. and offer a special cocktail, the Rebel Rita, a frozen strawberry margarita made with Mi Campo Blanco, for the night.
Next Friday, July 18, the mascot for the Vegas Knight Hawks, Risk will be on hand as the TNT ignitor at Carousel Bar honoring the professional indoor football team that plays at Lee’s Family Forum in Henderson. A DJ will again be entertaining guests at Carousel Bar starting at 7 p.m.
Staged from the top of the Plaza’s South Tower every Friday at 9:15 p.m. from May through September, the public can watch the Welcome to the Weekend Friday Fireworks Show for free from in front of the Plaza on Main Street, which will be closed to vehicular traffic during the show for viewing the fireworks from Carson Avenue to Ogden Avenue.
The Plaza’s fireworks will be dependent on weather conditions and are subject to change or cancellation. Updates will be available on the Plaza’s social media channels, including Facebook, Instagram and Twitter.
The post Welcome to the Weekend Friday Fireworks at Plaza Hotel & Casino to celebrate UNLV Runnin’ Rebels on July 11 and Vegas Knight Hawks on July 18 appeared first on European Gaming Industry News.
Latest News
Welcome to the Weekend Friday Fireworks at Plaza Hotel & Casino to celebrate UNLV Runnin’ Rebels on July 11 and Vegas Knight Hawks on July 18

The Plaza Hotel & Casino will honor two popular Las Vegas sports teams with its weekly Welcome to the Weekend Friday Fireworks Show this week and next.
Tomorrow night, Friday, July 11, members of the University of Nevada Las Vegas (UNLV) dance team, the Scarlet Dance Line will be the guests of honor to ignite the fireworks from the TNT box at 9:15 p.m. at Carousel Bar. UNLV alumni and fans are encouraged to wear university gear to Carousel Bar, which will have a DJ starting at 7 p.m. and offer a special cocktail, the Rebel Rita, a frozen strawberry margarita made with Mi Campo Blanco, for the night.
Next Friday, July 18, the mascot for the Vegas Knight Hawks, Risk will be on hand as the TNT ignitor at Carousel Bar honoring the professional indoor football team that plays at Lee’s Family Forum in Henderson. A DJ will again be entertaining guests at Carousel Bar starting at 7 p.m.
Staged from the top of the Plaza’s South Tower every Friday at 9:15 p.m. from May through September, the public can watch the Welcome to the Weekend Friday Fireworks Show for free from in front of the Plaza on Main Street, which will be closed to vehicular traffic during the show for viewing the fireworks from Carson Avenue to Ogden Avenue.
The Plaza’s fireworks will be dependent on weather conditions and are subject to change or cancellation. Updates will be available on the Plaza’s social media channels, including Facebook, Instagram and Twitter.
The post Welcome to the Weekend Friday Fireworks at Plaza Hotel & Casino to celebrate UNLV Runnin’ Rebels on July 11 and Vegas Knight Hawks on July 18 appeared first on European Gaming Industry News.
Latest News
Welcome to the Weekend Friday Fireworks at Plaza Hotel & Casino to celebrate UNLV Runnin’ Rebels on July 11 and Vegas Knight Hawks on July 18

The Plaza Hotel & Casino will honor two popular Las Vegas sports teams with its weekly Welcome to the Weekend Friday Fireworks Show this week and next.
Tomorrow night, Friday, July 11, members of the University of Nevada Las Vegas (UNLV) dance team, the Scarlet Dance Line will be the guests of honor to ignite the fireworks from the TNT box at 9:15 p.m. at Carousel Bar. UNLV alumni and fans are encouraged to wear university gear to Carousel Bar, which will have a DJ starting at 7 p.m. and offer a special cocktail, the Rebel Rita, a frozen strawberry margarita made with Mi Campo Blanco, for the night.
Next Friday, July 18, the mascot for the Vegas Knight Hawks, Risk will be on hand as the TNT ignitor at Carousel Bar honoring the professional indoor football team that plays at Lee’s Family Forum in Henderson. A DJ will again be entertaining guests at Carousel Bar starting at 7 p.m.
Staged from the top of the Plaza’s South Tower every Friday at 9:15 p.m. from May through September, the public can watch the Welcome to the Weekend Friday Fireworks Show for free from in front of the Plaza on Main Street, which will be closed to vehicular traffic during the show for viewing the fireworks from Carson Avenue to Ogden Avenue.
The Plaza’s fireworks will be dependent on weather conditions and are subject to change or cancellation. Updates will be available on the Plaza’s social media channels, including Facebook, Instagram and Twitter.
The post Welcome to the Weekend Friday Fireworks at Plaza Hotel & Casino to celebrate UNLV Runnin’ Rebels on July 11 and Vegas Knight Hawks on July 18 appeared first on European Gaming Industry News.
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