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Codere Online Reports Financial Results for the Fourth Quarter and Full Year 2023

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Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited[2] financial results for the fourth quarter and year ended December 31, 2023.

Below are the main financial and operating metrics of the period.

Quarter ended December 31

Year ended December 31

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2022

2023

Chg. %

2022

2023

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Chg. %

Net Gaming Revenue (EUR mm)1

Spain

17.8  

20.8  

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17%

60.0  

75.7  

26%

Mexico

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16.3  

25.1  

54%

51.1  

81.7  

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60%

Colombia

2.3  

2.3  

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7.9  

8.5  

8%

Other

1.3  

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1.8  

38%

3.9  

6.0  

54%

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Total

37.7  

50.1  

33%

122.9  

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171.9  

40%

Avg. Monthly Active Players (000s)[3]

Spain

41.3  

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47.4  

15%

38.1  

42.3  

11%

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Mexico

50.8  

59.1  

16%

38.5  

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52.5  

37%

Colombia

38.5  

23.0  

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(40%)

28.7  

24.3  

(15%)

Other

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11.2  

9.6  

(14%)

7.9  

9.2  

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17%

Total

141.8  

139.2  

(2%)

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113.1  

128.3  

13%

 

Aviv Sher, CEO of Codere Online, stated, “In Q4 2023 we delivered an impressive 33% growth in net gaming revenue to €50 million, our highest ever quarterly figure, despite a tough comp with the World Cup in the prior year period. Our strategic focus on Mexico and Spain, where we are seeing a strong return on marketing investment, has proven successful, with significant increases in both our active customer base and spend per customer. Casino continued to exceed our expectations with a second consecutive quarter contributing 58% of total net gaming revenue in the period.”

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Mr. Sher further added, “Our net gaming revenue in Mexico grew by 54% in the fourth quarter, reaching more than €25 million, whereas net gaming revenue in Spain, grew by 17%, to nearly €21 million. We were able to grow our active customer base by more than 15% in both markets in the quarter which we believe is impressive considering the similar level of marketing investment in these countries in 2023 versus the prior year.”

Oscar Iglesias, CFO of Codere Online, stated, “Our fourth quarter results have allowed us to reach nearly €172 million of net gaming revenue for the full year, 19% above the midpoint of the initial €140-150 mm outlook we provided early last year. This outperformance, combined with the overall lower level of marketing investment, also allowed us to deliver a better than expected negative €12mm in Adjusted EBITDA versus the initial outlook of negative €20-30mm.”

Mr. Iglesias further added, “We are very encouraged by our performance in 2023 which further supports our expectation that we will generate positive Adjusted EBITDA and cash flow for the full year in 2024, a year in which we expect net gaming revenue of €185-200 mm. In short, we expect to deliver upon our original commitment to investors to be a profitable company in the third year after de-SPAC and are more committed than ever to creating meaningful value for our shareholders.”

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, February 29, 2024. 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.

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Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)

Quarter ended December 31

Year ended December 31

Figures in EUR mm

2022

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2023

Chg. %

2022

2023

Chg. %

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Total

Revenue

35.6  

46.9  

32%

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115.7  

162.6  

41%

(+) Accounting Adjustments[4]

2.1  

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3.1  

48%

7.2  

9.2  

28%

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Net Gaming Revenue

37.7  

50.1  

33%

122.9  

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171.9  

40%

Spain

Revenue

17.8  

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20.8  

17%

60.0  

75.7  

26%

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(+) Accounting Adjustments3

     –  

                –  

n.m.

    –  

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     –  

n.m.

Net Gaming Revenue

17.8  

20.8  

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17%

60.0  

75.7  

26%

Mexico

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Revenue

14.5  

22.6  

56%

45.5  

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73.3  

61%

(+) Accounting Adjustments3

1.8  

2.5  

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39%

5.6  

8.4  

50%

Net Gaming Revenue

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16.3  

25.1  

54%

51.1  

81.7  

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60%

Colombia

Revenue

2.4  

2.8  

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17%

7.0  

9.3  

33%

(+) Accounting Adjustments3

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(0.1) 

(0.5) 

n.m.

0.9  

(0.8) 

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n.m.

Net Gaming Revenue

2.3  

2.3  

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7.9  

8.5  

8%

Other

Revenue

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0.9  

0.7  

(22%)

3.2  

4.4  

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38%

(+) Accounting Adjustments3

0.4  

1.1  

n.m.

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0.7  

1.6  

129%

Net Gaming Revenue

1.3  

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1.8  

38%

3.9  

6.0  

54%

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Press Releases

BMM INNOVATION GROUP NAMES JOHN HELDERMAN AS CHIEF FINANCIAL & ADMINISTRATIVE OFFICER

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Seasoned finance and operations executive brings decades of leadership to support BIG’s growth

BMM Innovation Group (“BMM”, “BIG Group”, or “BIG”), a technology conglomerate focused on product compliance testing, training, and cybersecurity solutions for the global gaming industry, today announced the appointment of John Helderman as Chief Financial & Administrative Officer.

With more than two decades of executive leadership in the gaming, finance, hospitality, and nonprofit sectors, Helderman brings extensive experience in financial strategy, operational oversight, and enterprise transformation. In his role, Helderman will help drive continued growth and strategic execution for the BIG Group.

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BIG Chief Executive Officer Martin Storm said, “John’s deep financial expertise and operational leadership make him an outstanding addition to the BIG executive team. He has a strong track record of aligning financial strategy with organizational growth and creating value across complex, multi-entity businesses. His leadership will be important as we continue to expand our services and technology footprint.”

Before joining BIG, Helderman served as Chief Financial Officer of Fontainebleau Las Vegas, a $1 billion luxury resort, where he led accounting, IT, and procurement and was licensed as a Key Executive by the Nevada Gaming Commission. He also held CFO roles at Bluberi Gaming and The Brennan Entities, modernizing financial systems, enhancing operational efficiency, and supporting liquidity management during critical growth periods.

Earlier in his career, Helderman served as President & Chief Executive Officer of Goodwill Industries of Southern Nevada, where he led a financial turnaround that improved operating income tenfold. He also held senior finance roles at Caesars Entertainment, including Vice President of Finance and Capital Planning, managing large-scale budgeting and investment strategies across multiple Las Vegas Strip properties.

Helderman earned a Juris Doctor from the University of North Carolina School of Law and bachelor’s degrees in business management and economics from North Carolina State University. He is a licensed attorney in both Georgia and North Carolina and serves on the board of Goodwill Industries of Southern Nevada.

Helderman said, “Joining BMM Innovation Group is an incredible opportunity. BIG is a powerhouse in gaming and technology, and I’m thrilled to be part of a team that’s transforming gambling industry performance. I’m excited to help refine BIG’s strategies, systems, and processes and build on the momentum that’s already driving BIG’s growth worldwide.”

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The post BMM INNOVATION GROUP NAMES JOHN HELDERMAN AS CHIEF FINANCIAL & ADMINISTRATIVE OFFICER appeared first on European Gaming Industry News.

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ELA Games to Share Insights During Two Panel Discussions at the SBC Summit Malta

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ELA Games, an innovative game development studio, announces that its representatives will participate in panel discussions to share industry insights at the upcoming SBC Summit Malta on June 11, 2025, at the Casino Innovation stage.

2:00 – 2:45 pm: The Art of the Sequel: Balancing Innovation, Success, and Influencer Impact on Gaming Audiences

This panel discusses how sequels are a key tool for studios to refresh content and develop existing player relationships. Yaroslav Soloshenko, Business Development Team Lead, will highlight ELA Games’ approach to creating recognisable and memorable series while capitalising on success and positive momentum. Additionally, he’ll discuss the studio’s philosophy regarding creativity and game development.

3:45 – 4:30 pm: Platforms and Aggregators: Catalysts or Constraints in the Gaming Industry’s Future?

Marharyta Yerina, Managing Director, will take part in a panel discussion on the financial and business side of iGaming. Specifically, she will cover the relationship between game studios, content aggregators and platforms. She will provide key insights on the finances of these partnerships and how studios can utilise the increased reach these platforms provide to focus on innovation.

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The post ELA Games to Share Insights During Two Panel Discussions at the SBC Summit Malta appeared first on European Gaming Industry News.

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Phantum Introduces High-End Mousepads with Collectible Packaging and Parisian Design Roots

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Bridging the gap between functional hardware and considered design, Phantum debuts its first line of high-performance mousepads. The collection is built for users who demand precision but won’t compromise on aesthetics. Developed in Paris by founders Amine G. and Victor B., the mousepads combine minimalist design with carefully selected materials and collectible elements, positioning the product as a functional tool and a design object.

Created for gamers and digital creatives, Phantum’s mousepads emphasize tactile performance while remaining visually restrained. The surfaces are crafted using Japanese Poron and advanced fabrics chosen for their durability, responsiveness, and sensory qualities. Each product is designed to enhance, not distract from, the overall composition of a desk setup.

The company’s visual language draws on space, transparency, and disappearance themes, an intentional move to create objects that integrate flawlessly into a work or play environment. “Every detail reflects our DNA: clean, sharp, and futuristic,” said co-founder Amine G., whose tech-focused YouTube channel, MRG TECH, has built a following of over 200,000 subscribers. “We create tools that disappear under the hand but leave a lasting impression through design, feel, and finish.”

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Phantum’s founders launched the brand after finding few products that met their standards for both performance and design integrity. The debut line is only the beginning: the team is developing glass mousepads and matching performance sleeves, with plans to expand into a broader ecosystem of desk essentials. Each new release will continue to feature collectible packaging designed to add narrative value rather than act as decoration.

Though recently launched, Phantum is already drawing attention beyond France, particularly in Latin America, where design-conscious gamers have begun to integrate the mousepads into their setups. The first collection is now available on phantum.co, with new formats and accessories to follow.

The post Phantum Introduces High-End Mousepads with Collectible Packaging and Parisian Design Roots appeared first on European Gaming Industry News.

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