Gaming enterprise Codere experienced a robust Q3 in 2022, witnessing a 54% surge in net gaming income, reaching €30.6 million (approximately $31 million), a significant leap from the €19.8 million recorded during the corresponding period in 2021.
This upswing extends their favorable trajectory throughout the initial nine months of the year, with net gaming income hitting €85.2 million, marking a 40% increase compared to the €61 million achieved in 2021.
The firm declared €72 million in liquid assets and a net deficit of €11.6 million for the quarter, resulting in cumulative losses of €28.4 million for the year thus far.
Codere Online’s Chief Executive Officer, Moshe Edree, credited the company’s achievements to their thriving gaming endeavors, particularly in the Mexican market, which witnessed an 82% surge in net gaming income for the quarter. Despite regulatory constraints in Spain, they still surpassed projections with a 29% growth in that region.
Chief Financial Officer Oscar Iglesias conveyed confidence in their revenue expansion trajectory as the year draws to a close, particularly with the FIFA World Cup on the horizon. This has prompted them to adjust their net gaming income forecasts for the year to a range of €115 million to €120 million. Furthermore, they are enthusiastic about penetrating the Argentine market and establishing themselves as a prominent player in the region.
Codere has received initial authorization to function in the Argentine province of Córdoba, aiming to commence operations there in 2023. This marks a substantial move for the organization as they persist in broadening their reach within Latin America.