Codere Remains One of the Top 100 Most Valuable Companies in Spain

Posted on: June 7, 2022, 05:46h. 

Last updated on: November 17, 2022, 10:18h.

Codere shareholders knew what they were doing when they decided to take over the Spain-based global gaming company. Brand Directory lists New Codere (Nueva Codere) among the top 100 most valuable brands in the country.

A man walks in front of a Codere betting shop in Spain. The gaming company continues as one of the leading businesses in the Spanish economy. (Image: El País)

Nueva Codere placed 61st among the 100 most valuable and strong brands in the “Brand Finance Spain 2022” ranking. This is an improvement over its ranking last year, which was one step lower.

New Codere exhibited strong performance in its business during the first quarter of 2022. It reported revenues of €293.7 million (US$313.93 million), even though it ultimately saw a net loss for the period.

Rapid Rebound Following Rejig

The total value of the 100 most important brands in Spain is €109 billion (US$116.5 billion), according to Brand Directory. This is 5% more than they added in 2021. However, compared to the pre-COVID-19 values, the 100 most valuable brands in Spain lost 8% because of the pandemic.

These numbers account for an upward trend compared to the previous quarter. In turn, they represent a recovery of 92% compared to the same period of the previous year. They also show an improvement of 83% of the group’s turnover prior to the pandemic.

This ranking is a fantastic thermometer to measure the company’s progress in relation to the brand, especially driven by our omnichannel offering, innovation in products and services, our sports sponsorships and our commitment to responsible gaming,” said Codere Online CMO Alberto Telías.

Fundamentally, growth was driven by three factors, according to the company. The lifting of COVID-19 restrictions helped significantly, as did the implementation of new recovery plans. In addition, improved performance of live business operations, especially in Argentina, Mexico, and Spain, proved vital.

In an official press release, New Codere maintains that it is constantly working to improve its entertainment offerings by boosting online and retail activity. This opens the doors to expanded digital options where it has a retail presence. In turn, New Codere can develop “The best omnichannel entertainment for the customer.”

Codere also asserted that it strives to “improve their competitiveness, expand their portfolio, and reach new customers.” It achieves this thanks to its alliances with the main soccer teams in the markets in which it operates. In addition, it claims the optimization of its platforms and the development of all of its solutions to cater to the local markets it serves are delivering greater returns.

Codere’s Restructuring

After postponing the date for the completion of its restructuring several times, last November Codere completed the financial restructuring process. It initially began the process in April 2021 after reaching an agreement with its creditors.

Through the agreement, those creditors injected €225 million (US$240.5 million) into the group and capitalized on more than €350 million (US$374.15 million) of debt. This occurred at the same time Codere and its creditors agreed to an extension of the debt maturities to September 2026 and November 2027.

The restructuring of the Codere Group involved a corporate reorganization through the creation of four entities in Luxembourg. These are Codere New Topco, Codere New Midco, Codere New Holdco, and Codere Luxembourg 3. Since then, this structure was registered under the name “Nueva Codere,” while the company Codere in liquidation was consigned as “Antigua Codere” (Old Codere).