{"id":281,"date":"2024-06-29T00:23:50","date_gmt":"2024-06-28T21:23:50","guid":{"rendered":"https:\/\/clubplayercasino150nodepositbonuscodes2023.icu\/2024\/06\/29\/coderes-revenue-plummets-in-first-quarter-amidst-covid-19-pandemic\/"},"modified":"2024-06-29T00:23:50","modified_gmt":"2024-06-28T21:23:50","slug":"coderes-revenue-plummets-in-first-quarter-amidst-covid-19-pandemic","status":"publish","type":"post","link":"https:\/\/clubplayercasino150nodepositbonuscodes2023.icu\/2024\/06\/29\/coderes-revenue-plummets-in-first-quarter-amidst-covid-19-pandemic\/","title":{"rendered":"Codere&#8217;s Revenue Plummets in First Quarter Amidst COVID-19 Pandemic"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/gjiDGQJ5tTk\" frameborder=\"0\" allowfullscreen><br>\n<\/iframe><\/p>\n<p>Codere, the gaming company operating in Spain, Italy, and Latin America, experienced a 21.3% decline in revenue during the first quarter, reaching \u20ac278.5 million.  Simultaneously, losses climbed to \u20ac97.1 million due to the enforced closure of physical stores as a result of the novel coronavirus (COVID-19) outbreak and currency fluctuations.<\/p>\n<p>The \u20ac278.5 million in revenue generated in the first three months of the year was primarily driven by Italy. However, as Italy was one of the earliest European countries to be impacted by COVID-19, its total revenue decreased by 39.4% year-over-year to \u20ac86.5 million. Spain, another severely affected country, saw a 16.7% drop in revenue, reaching \u20ac40.5 million.<\/p>\n<p>An additional \u20ac64.8 million in revenue originated from Argentina, representing a 19.8% decrease. Mexico\u2019s contribution declined by 24.9% to \u20ac60.4 million. Panama\u2019s revenue fell by 23.2% to \u20ac14.6 million, while Uruguay\u2019s total revenue decreased by 9.6% to \u20ac17 million. Conversely, Colombia\u2019s revenue experienced a modest 0.9% decline, reaching \u20ac4.9 million.<\/p>\n<p>Online revenue demonstrated growth, albeit at a slower pace than the decline in physical store revenue. The online channel\u2019s total revenue for the first quarter amounted to \u20ac16.1 million, representing a 7.6% increase. <\/p>\n<p>Coderes enterprise experienced a significant setback due to the COVID-19 outbreak commencing in March. They were compelled to shutter all their physical establishments, resulting in solely their online operations remaining active. Even these online endeavors suffered as major sporting events were called off.<\/p>\n<p>Their expenditures decreased considerably, particularly after the closure of their physical locations. They achieved substantial cost savings and even secured a loan to provide financial support.<\/p>\n<p>Their revenue derived from gambling taxes plummeted, and other tax receipts also declined. They also implemented reductions in employee expenses.<\/p>\n<p>They realized cost savings on rent for their gaming facilities but incurred higher rental expenses for slot machines. They also reduced spending on sales and marketing but increased spending on utilities while decreasing maintenance expenditures. They paid less to contractors but more for insurance. Travel and transportation costs remained consistent, while other costs decreased.<\/p>\n<p>These factors combined to result in a significant reduction in their profits. They also incurred financial losses due to fluctuations in the value of their agreements and paid certain fees. <\/p>\n<p>Codere put 1 million euros into gear, including gaming machines, and recorded a 2 million euro write-down.<\/p>\n<p>Non-routine expenses hit 7.7 million euros, with 4.4 million euros tied to online marketing outlays.<\/p>\n<p>As a result, the firm incurred an operating deficit of 7.1 million euros. After accounting for inflation in the Argentine peso in 2019 due to the election of Alberto Fern\u00e1ndez as president, and for inflation in other Latin American currencies due to uncertainty about the effect of the COVID-19 outbreak, Codere\u2019s loss reached 10.4 million euros.<\/p>\n<p>The operator paid 23.1 million euros in net interest expense, compared to a profit of 28.3 million euros in the previous year, and also incurred a loss of 2.8 million euros on financial investments.<\/p>\n<p>Currency fluctuations were again influenced by Fern\u00e1ndez\u2019s election triumph over the more market-friendly incumbent president Mauricio Macri and the global uncertainty caused by the pandemic, resulting in a loss of 49.9 million euros. After adjusting for inflation, Codere\u2019s pre-tax loss reached 85 million euros.<\/p>\n<p>Codere paid 14.1 million euros in income tax, an increase of 64.9% compared to 2019. The operator generated 3.3 million euros in income from its minority-owned businesses, compared to a loss of 1.6 million euros in 2019.<\/p>\n<p>Therefore, after again factoring in inflation, Codere\u2019s net loss was 97.1 million euros, compared to 8.6 million euros in 2019.<\/p>\n<p>Currently, only Uruguayan horse racing and some Spanish sales outlets have resumed operations, but the company stated it anticipates the rest of its operations to gradually resume in June. <\/p>\n<p>Codere has enlisted financial consultants to assist them in securing additional funds, with the objective of raising 105 million euros. This will provide them with greater adaptability as they navigate the unpredictable nature of the pandemic and its effects on their business revival.<\/p>\n<p>Subscribe to the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Codere, the gaming company operating in Spain, Italy, and Latin America, experienced a 21.3% decline in revenue during the first quarter, reaching \u20ac278.5 million. Simultaneously, losses climbed to \u20ac97.1 million due to the enforced closure of physical stores as a result of the novel coronavirus (COVID-19) outbreak and currency fluctuations. The \u20ac278.5 million in revenue [&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 Revenue Plunges Amidst COVID-19<\/title>\n<meta name=\"description\" content=\"Codere\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/clubplayercasino150nodepositbonuscodes2023.icu\/2024\/06\/29\/coderes-revenue-plummets-in-first-quarter-amidst-covid-19-pandemic\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Codere&#039;s Revenue Plummets in First Quarter Amidst COVID-19 Pandemic\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Codere\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/clubplayercasino150nodepositbonuscodes2023.icu\/2024\/06\/29\/coderes-revenue-plummets-in-first-quarter-amidst-covid-19-pandemic\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Unleash Your Winning Spirit at Our Licensed Online Casino\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T21:23:50+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/clubplayercasino150nodepositbonuscodes2023.icu\/2024\/06\/29\/coderes-revenue-plummets-in-first-quarter-amidst-covid-19-pandemic\/\",\"url\":\"https:\/\/clubplayercasino150nodepositbonuscodes2023.icu\/2024\/06\/29\/coderes-revenue-plummets-in-first-quarter-amidst-covid-19-pandemic\/\",\"name\":\"Codere Revenue Plunges Amidst COVID-19\",\"isPartOf\":{\"@id\":\"https:\/\/clubplayercasino150nodepositbonuscodes2023.icu\/#website\"},\"datePublished\":\"2024-06-28T21:23:50+00:00\",\"dateModified\":\"2024-06-28T21:23:50+00:00\",\"author\":{\"@id\":\"https:\/\/clubplayercasino150nodepositbonuscodes2023.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Codere\",\"breadcrumb\":{\"@id\":\"https:\/\/clubplayercasino150nodepositbonuscodes2023.icu\/2024\/06\/29\/coderes-revenue-plummets-in-first-quarter-amidst-covid-19-pandemic\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/clubplayercasino150nodepositbonuscodes2023.icu\/2024\/06\/29\/coderes-revenue-plummets-in-first-quarter-amidst-covid-19-pandemic\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/clubplayercasino150nodepositbonuscodes2023.icu\/2024\/06\/29\/coderes-revenue-plummets-in-first-quarter-amidst-covid-19-pandemic\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/clubplayercasino150nodepositbonuscodes2023.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Codere&#8217;s Revenue Plummets in First Quarter Amidst COVID-19 Pandemic\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/clubplayercasino150nodepositbonuscodes2023.icu\/#website\",\"url\":\"https:\/\/clubplayercasino150nodepositbonuscodes2023.icu\/\",\"name\":\"Unleash Your Winning Spirit at Our Licensed Online Casino\",\"description\":\"Explore the dynamic world of online gambling with our up-to-date news, in-depth reviews, and expert articles. 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