Madrid, 20 October 2020 – In its clear dedication to the consumer, Codere held its “Apostamos x ti” conferences on 19 and 20 October. On this event, the place circumstances have made it crucial to carry the assembly nearly, the corporate has had the chance to carry collectively its companions and important executives to share the group’s worldwide enterprise imaginative and prescient and an in depth evaluation of Spain.
Within the new turbulent actuality we face, removed from shedding the braveness and ambition to enhance, the corporate is extra motivated than ever to withstand any adversity that will come up and is dedicated to growing the enterprise in Spain, as Vicente Di Loreto, CEO of the Codere Group, defined, “Spain is a key market by which we have now excessive hopes for development, for which we should redouble our efforts and investments. In fact, there are difficulties and uncertainties, above all of a regulatory nature, however these are challenges that we are going to face by leveraging our strategic pillars, satisfied of the potential of this market past the present scenario”.
Alejandro Rodino, COO of Spain, expressed himself in the identical vein, saying “we’re a big group that operates in eight nations in Europe and Latin America, the place we provide a variety of gaming and leisure merchandise, together with racetracks, sports activities betting, casinos, bingo, machines for the resort and catering trade, halls, resorts and even some of the necessary conference centres in Latin America, which was remodeled right into a COVID-19 hospital throughout this pandemic. In these operations we’ll generate greater than 1,300 million euros in income and an working revenue of 250 million euros in 2019”.
Rodino added that Codere is the one betting operator in Spain with a presence all through the nation, with a compound development price of 16% within the final 5 years by way of the variety of bets performed, and with 2,500 factors of sale all through the nation. “We proceed to work and consolidate our place because the main sports activities betting firm within the nation. As well as, we’re redefining our business proposal with an revolutionary strategy that permits us to supply higher benefits to the consumer. Our all-channel technique generates higher buyer loyalty in a market, the Spanish one, which has been outlined as a precedence by the members of our Board”.
Equally, and with the assistance of Emilio Miranda, Finance Director of Codere Spain, attendees had been in a position to learn the way the corporate has handled the impression that the pandemic is having on the corporate. “In March, a financing plan was launched with the purpose of sustaining money circulation with a view to meet the group’s cost obligations. Within the case of Spain, we carried out a renegotiation of contracts with the primary suppliers and suppliers with the purpose of decreasing mounted prices and we have now additionally taken necessary steps with the autonomous communities with a view to apply for bonuses on playing charges, particularly on the B machine, request cost deferrals or renegotiate cost plans with suppliers. As well as, we have now applied essentially the most painful measure, which has been to have an effect on a big a part of our personnel to an ERTE. On the company degree, negotiations with our bond holders started in March with the purpose of extending debt maturities and acquiring extra financing to alleviate the consequences of the pandemic”.