Codere gets €36 million for LatAm expansion

Gambling operator Codere is moving ahead with its strategy to expand in the emerging gaming and gambling markets in Latin America.

A filing placed with Spain’s CNMV capital markets commission has revealed that Madrid-based gambling group has managed to get two corporate credit lines which would get the company funds to the tune of €36 million to boost its business subsidiaries in Mexico and Uruguay.

The newly secured credit lines are on top of what the company already has. Codere already has a €90 million revolving credit facility. However, the Spanish gambling operator has only to date accessed €40 million of funds. The company’s extended credit lines are also attached to the refinanced €770 million bond, which will mature in 2021.

The majority of the working capital will be transferred to Codere’s Mexican business subsidiares, helping improve the scale and future prospects of its established operations in which Codere currently operates 95 arcade properties alongside 90 betting points.

Last August Codere also announced that it had secured a comprehensive joint venture agreement with Hard Rock International to develop a $1 billion casino resort project in Mexico City.

The leftover funds, if any, would go to boost the business subsidiary in Uruguay where the company operates six arcades, 26 betting points, and two racing tracks.

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