{"id":284,"date":"2024-06-27T13:07:27","date_gmt":"2024-06-27T10:07:27","guid":{"rendered":"https:\/\/freecashbonusnodepositcasino.icu\/2024\/06\/27\/coderes-income-declines-in-2019\/"},"modified":"2024-06-27T13:07:27","modified_gmt":"2024-06-27T10:07:27","slug":"coderes-income-declines-in-2019","status":"publish","type":"post","link":"https:\/\/freecashbonusnodepositcasino.icu\/2024\/06\/27\/coderes-income-declines-in-2019\/","title":{"rendered":"Codere&#8217;s Income Declines in 2019"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/Ony_tZ2fGyo\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Codere, a Spanish and Latin American gaming operator, reported that its income decreased by 5.9% annually in 2019.  The expansion in European markets was counterbalanced by the effects of currency fluctuations on its Argentine business.<\/p>\n<p>Income for the year ending December 31, 2019, was \u20ac1.39 billion (\u00a31.19 billion\/$1.53 billion), of which Codere&#8217;s Latin American operations contributed \u20ac796.5 million, a 12.3% annual decline.<\/p>\n<p>The company attributed this primarily to the depreciation of the Argentine peso against the euro. Income in this market decreased by 22.2% to \u20ac317.2 million. The Latin American operations division also reported decreases in Mexico, Panama, and Colombia.<\/p>\n<p>Income in Mexico fell by 3.0% to \u20ac307.8 million, attributed to a more challenging economic environment. Panama&#8217;s contribution decreased by 11.9% to \u20ac78.2 million, blamed on a &#8220;market slowdown.&#8221; Conversely, Colombia closed three underperforming casinos, leading to a revenue decline of 18.7% to \u20ac19 million. <\/p>\n<p>The South American marketplace, Uruguay, was the only market to see a year-over-year rise in earnings, with income increasing to \u20ac74.2 million.<\/p>\n<p>At the same time, in the European market, Italy&#8217;s income grew by 2.0% to \u20ac343.3 million, driven by a rise in the unit yield of amusement with prizes (AWP) machines and a rise in the share of machines in bars. Spain&#8217;s income also rose to \u20ac189.8 million, driven by growth in Codere&#8217;s sports betting and route slot businesses.<\/p>\n<p>Finally, online business revenue grew by 34.5% to \u20ac59.8 million, thanks to increased revenue in Spain and Mexico, even in the face of a tough year-on-year comparison due to the World Cup the previous year.<\/p>\n<p>In 2019, Codere successfully reduced operating expenses by 3.5% to \u20ac1.07 billion, due to a decrease in gambling taxes, personnel costs, and other expenses.<\/p>\n<p>However, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) fell by 11.9% to \u20ac249.1 million for the year. Growth in online, Spain, and Uruguay revenue was offset by a reduction in Argentina&#8217;s contribution of \u20ac23.5 million due to the depreciation of the peso, as well as an increase in gambling taxes in Italy and declines in Mexico and Panama.<\/p>\n<p>After deducting depreciation, amortization, and impairment charges, operating profit was \u20ac94.3 million, down 40.5% year-on-year, with inflation-adjusted profit falling to \u20ac82.1 million (down 41.0%). After taking into account financing-related expenses, Codere reported a pre-tax loss of \u20ac32.8 million, while the net loss after tax in 2019 was \u20ac61.7 million, up 31.7%. <\/p>\n<p>Coderes earnings for the final three months of the year declined by 4.7 percent, reaching \u20ac344 million. The period ending December 31, 2019, witnessed a decrease in both Latin America (down 7.8 percent to \u20ac193 million) and Europe (down 1.4 percent to \u20ac136.7 million) for Codere. However, online revenue expanded by 12.5 percent to \u20ac14.3 million.<\/p>\n<p>Although operational expenditures experienced a slight reduction, adjusted EBITDA decreased by 18.3 percent to \u20ac64.7 million. After accounting for impairment, depreciation and amortization, and adjusting for inflation, operating profit in the last quarter diminished by 66.6 percent to \u20ac13 million. Pre-tax profit improved to \u20ac0.4 million, in contrast to a loss of \u20ac3.2 million in the corresponding period of the previous year. Nevertheless, taxes resulted in a loss of \u20ac7 million for the period, compared to a profit of \u20ac11 million in the fourth quarter of 2018.<\/p>\n<p>Subscribe to the iGaming News newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Codere, a Spanish and Latin American gaming operator, reported that its income decreased by 5.9% annually in 2019. The expansion in European markets was counterbalanced by the effects of currency fluctuations on its Argentine business. Income for the year ending December 31, 2019, was \u20ac1.39 billion (\u00a31.19 billion\/$1.53 billion), of which Codere&#8217;s Latin American operations [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Codere<\/title>\n<meta name=\"description\" content=\"Codere, a Spanish and Latin American gaming operator, saw its income decline in 2019, primarily due to currency fluctuations in Argentina. 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