Codere secures €20m loan to safeguard Mexico unit
Bolsa Madrid gambling group Codere SA has informed investors that it has secured a further €20 million loan which will support its Mexican business unit.
Sanctioned on Friday 13 March, Codere governance secured access to an additional MXN 500-million-peso bond (€20 million) with debt terms set for maturity in 2025.
Updating investors, Codere governance stated that the loan has been sanctioned to safeguard business continuity for its Mexican assets, tackling COVID-19 sports and business disruptions.
The Bolsa Madrid group added that access to ‘additional liquidity’ was fundamental in securing its Mexican business prospects.
Following dire 2019 trading, Codere governance obtained access to an exclusive LatAm credit facility, raising working capital of €36 million which was used to help maintain its Mexico and Uruguay business subsidiaries.
Facing multiple economic headwinds within Argentina, Codere’s biggest operating territory, the Spanish operator has shifted its growth focus to finding Mexican market opportunities.
Codere currently operates an established Mexican profile of 95 arcades and 90 retail betting points. Furthermore, Codere has secured rights to become the minority partner, developing a $1 billion Mexico City casino resort project with US entertainment group Hard Rock International.
Source: SBC News
