The Spanish gambling company is immersed in a deep financial restructuring. The creditor bondholders have taken control of the group, moving its parent company to Luxembourg, removing it from the Spanish Stock Exchange and preparing the premiere in the US market, Nasdaq, of its online business through a Spac.
The operation to be listed on the Nasdaq, scheduled for this November, is being carried out by Mexican firm DD3 Capital Partners. One of its founders, Martin Werner - former Goldman Sachs - has referred to Codere’s business in a recent meeting with investors.
"The Spanish market is going through a transition period this year due to the gambling regulation approved by the Government, very strict with the advertising of online gambling. We have had to update our numbers this year due to the short-term impact of the new regulation. You can't do a lot of the promotions we used to do, and in the third quarter our revenue has dropped," explains Werner.
Mexican firm DD3 foresees that the Brazilian authorities will soon regulate online gambling. Werner said that Codere "is talking to the Brazilian government." The executive specified that the company only operates in countries where it obtains a gambling license, and that in Brazil "it seems that online gambling will be regulated very soon."
"Now we are focused on expanding our presence in Buenos Aires, in a second phase are Brazil, Puerto Rico, Chile, Uruguay, Peru, they are markets that we know," concluded Werner.
Source: GMB / Voz Populi
