Hey there, Insta-fam! 🌟 Let’s dive into the latest from Codere, the Spanish gaming tycoon. Despite a tough Q3 in 2023, there’s still some silver lining! 🌥️
📉 Codere faced a tough time with a 12% drop in revenue, landing at €301.3 million. Why, you ask? 🤔 Well, it’s mainly due to some hiccups in Mexico and Argentina. 🇲🇽🇦🇷 Temporary venue closures hit them hard due to some reg-compliance issues. Revenue in Mexico dropped a whopping 6% to €57.6M, while Argentina saw a dramatic 47% plunge to €52.4M. Tough times indeed!
Italy wasn’t immune either, with a 5% dip in revenue, now at €64.9 million. 🇮🇹 But hey, not all was gloomy! Spain, Codere’s homeland, saw a nice 4% bump to €42.1 million. 🇪🇸📈
Other operations experienced a slight 2% fall to €43.4 million. Panama and Colombia faced their challenges, with revenue down 4% and 9.5% respectively. But Uruguay? They went up by 2% to €20.1M. 🌍
🌐 Codere’s online biz is the star here! It soared by 41% to €40.9M, mainly thanks to growth in Mexico and Spain. 🚀
The adjusted EBITDA took a hit, falling 30% to €42.0M, with an EBITDA margin of 14%. Sadly, Codere recorded a net loss of €46.0 million, a bit more than last year’s €41.4 million. 😢
💸 As of September 30, their liquidity was at a cool €145 million, with €102.2M in retail. But, the total debt stands at a hefty €1.13 billion. 😲
🔍 Interesting Fact: That growth in the online segment? It shows how digital transformation is key in today’s market. Codere’s adapting, and that’s a big deal! 🌐💡
🔗 For more deets, check out Codere’s Financial Report.
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