Following a bumpy fourth quarter, which saw year-on-year operating profit slump 63.2 per cent to €25.9m, Spain-based casino operator Codere has endured something of a hangover in the first three months of 2018, with operating revenue down 5.4 per cent year on year, to €383.3m.
Releasing its Q1 figures, the operator cited declines in its Latin American operation due to currency fluctuations – in constant currency, group first-quarter revenues are up 11.2 per cent year on year.
Earnings (adjusted EBITDA) were also down, but by just 0.4 per cent to €67.9m, a solid performance given Codere’s currency woes and 2017 tax increases in Italy and Argentina.
The Q1 adjusted EBITDA margin was 17.7 per cent, up 0.9 per cent on the same period in 2017. Codere attributes the margin gains to increases in its Mexico and Uruguay businesses.
The total number of slots offered by Codere properties was up 2.4 per cent year on year, to 56,571 in Q1 2018. The number of gaming halls was also up, to 148 from 144, while the number of betting shops leapt year on year to 443, up from 166.
The somewhat turbulent start to the year for Codere was compounded by the firing of board members and co-founders José Sampedro and Luis Sampedro, chairman and deputy chairman respectively, who launched lawsuits against the company