Gaming firm, Codere, experienced a robust third quarter in 2022, as net gaming income soared by 54% annually, hitting €30.6 million (approximately $31 million USD). This remarkable surge was driven by exceptionally positive results in the Mexican market, where income leaped by 82%. Spain also surpassed projections with a 29% rise despite some continuing marketing limitations within the nation. In total, for the initial nine months of 2022, Codere generated €85.2 million in net gaming income, a 40% increase compared to the corresponding timeframe last year.
The organization’s Chief Executive Officer, Moshe Edree, credited this triumph to their wagering operations outperforming forecasts. Looking forward, Codere is optimistic about concluding the year strongly, particularly with the approaching FIFA World Cup. They have even adjusted their anticipated net gaming income for the entire year to between €115 million and €120 million. Furthermore, they are targeting Argentina, aspiring to become a dominant operator within the country.
Although Codere did declare a net deficit of €116 million for the quarter, they maintain a solid cash reserve of €72 million. Their overall net deficit for the year thus far stands at €284 million.
Codycor, an organization focused on environmentally responsible lithium harvesting, has recently been granted approval for its project in Cordoba, Argentina. Their objective is to commence operations at some point during 2023.