Agreed in June 2024, the recapitalisation programme means that creditors have agreed to reduce the firm’s long-standing debt from around €1.4bn to approximately €190m.

The debt-reduction plan was boosted by a majority approval from 90% of Codere creditors. 

Gonzaga Higuero, CEO of Grupo Codere, stated: “The transaction is a decisive success for Codere, a guarantee for the future that secures our financial position and relaunches the company’s ability to achieve the growth objectives set. We appreciate the trust of our clients, the support of our investors, and the commitment of our team. We are ready to generate value for all our stakeholders.”

In addition, the company has received an injection of approximately €60 million of new liquidity, which will help boost its business plan and strengthen its solvency and financial health.

“This milestone marks the beginning of a new stage of financial stability and strengthens the group’s capacity for growth and long-term value creation. 

“With an optimal debt structure and greater liquidity, Codere is in a position to take advantage of new expansion opportunities in its key markets in Latin America and Europe, thereby consolidating its leadership in the sector.”

Beginning the year, Codere detailed that it would return to bondholders to recapitalise its business and secure new financing to maintain its South American units in Argentina, Colombia, and Mexico.

The recapitalisation involved Codere’s ownership being passed on to the creditors, who are largely existing shareholders.

The post Codere SA reduces net debt following recapitalisation appeared first on CasinoBeats.

The new agreement will see Codere reduce its outstanding corporate debt from $1.7bn to approximately $140m, as of June 2024.

The debt-reduction plan received majority approval from 60 per cent of Codere creditors, who have been granted until 9 July to secure terms on a lock-up agreement needed to guarantee a new restructuring programme.

Furthermore, the debt reduction will help Codere stabilise its financial position and focus on its strategic growth plans to return to profitability by the end of 2025, as detailed by the firm’s corporate recovery strategy.

At the start of the year, Codere announced that it would return to bondholders to recapitalise its business and secure new finances to maintain its South American units in Argentina, Colombia, and Mexico.

In addition, Codere will receive 60 million euros in additional liquidity, of which it will receive 20 million in July.

Group CEO, Gonzaga Higuero, commented: “This agreement marks a pivotal moment in Codere’s path towards a new chapter, one characterised by financial stability, strategic growth, and continued dedication to excellence for our customers.

We are confident that this recapitalisation will enable us to better focus on the Group’s operations and achieve our goals for the benefit of all our stakeholders, including financial creditors, business partners, suppliers, and customers.”

The post Codere SA reduces corporate debt as part of new financial restructuring appeared first on CasinoBeats.

The stage has been reached with existing bondholders and progress will continue following the investment of investment bank Houlihan Lokey and law firm Allen & Overy as advisers.

The board emphasised the recapitalisation of Codere is needed to “clean up the company’s balance sheet and allow Codere to focus on the successful implementation of its business plan, while improving its financial capacity to drive its long-term growth strategy.”

Furthermore, Codere has also resolved operational issues in the key markets of Argentina and Mexico, which saw the company book statutory losses of $160 million in the first half of 2023.

The filing sees Codere return once more to bondholders to recapitalise the business, which in 2023 sought $100m in capital to bolster the group’s operations in South America.

The Spanish markets conglomerate continues its corporate reorganisation, which began back in 2022 by breaking away its Codere Online business via a Nasdaq merger with SPAC firm DD3 Acquisition Corp.

Codere provided no information on funding sought by the “global recapitalisation,” needed to fund the firm’s “2023-to-2027 recovery strategy”.

Corporate governance maintains Codere’s long-term outlook that the business will become effective in generating gross profits by 2025, maintaining its business units in Spain, Italy, Colombia, Mexico, Uruguay, Panama and Argentina.

The embattled Spanish gambling group has previously cited that it will not sell its international units operating in Italy and Argentina, Mexico, Uruguay, Colombia and Panama.

The post Codere proceeds with ‘global recapitalisation’ to drive long term growth strategy  appeared first on CasinoBeats.

One of the key focuses for the Spanish-language market focused gaming group was improving the growth of their applications and optimising operations as they have sought to maximise efficiency. 

Leveraging data was also cited as vital by Telias who pinpointed key efforts when it comes to improving the approach to acquisition and retention effort.

‘We are very demanding when it comes to the level of data we receive from the companies we are running. How we analyse this data and how we check it, leads us to the way we deliver. By being on top of this, we know where we need to push and when something is going wrong.”

The group reported a total revenue for Q4 of €46.9m, a 32 per cent increase year-over-year (Q4 2022: €35.6m) with net gaming revenue of €50.1m, a 33 per cent uptick (Q4 2022: €37.7m). 

At the heart of this was how much casino operations were thriving as they exceeded expectations by contributing towards 58 per cent of the quarter’s total net gaming revenue.

For the full year, total revenue grew by 41 per cent YoY to €162.6m (2022: €115.7m) with a net gaming revenue of €171.9m, up 40 per cent (2022: €122.9m).

Aviv Sher, CEO of Codere Online, added: “In Q4 2023 we delivered an impressive 33 per cent growth in net gaming revenue to €50 million, our highest ever quarterly figure, despite a tough competition with the World Cup in the prior year period.

“Our strategic focus on Mexico and Spain, where we are seeing a strong return on marketing investment, has proven successful, with significant increases in both our active customer base and spend per customer. Casino continued to exceed our expectations with a second consecutive quarter contributing 58 per cent of total net gaming revenue in the period.” 

In a recent interview with CasinoBeats, Sher also emphasised the potential of the Latin American gaming sector. Like many other operators, this region has become a key area of focus for Codere. . 

Assessing specific markets, he continued: “Then we will continue to nourish Panama. In Chile right now the regulation is not clear. So we are basically sitting on the fence and waiting to see what’s happening.

“Peru, as it moves forward, we are exploring potential partnerships that would allow us to launch operations in the country. 

“And Brazil is for me, as I said before, it’s a super growth market and we need to approach it differently with the correct capital in the correct [way].”

The post Codere cites leveraging data as vital to fuelling growth period  appeared first on CasinoBeats.

2.6

Groupe FDJ has laid out its ambitions to form a “new European gaming champion” as it launched an all-cash tender offer of €2.6bn to acquire Kindred Group. 

The strength of FDJ’s approach was underlined as the offer has been “unanimously recommended by Kindred’s Board of Directors” and “five key shareholders holding a combined 27.9 per cent of the capital irrevocably support FDJ’s deal and terms”.

Stéphane Pallez, Chair and CEO of FDJ Group, said: “I am pleased to announce today the proposed acquisition of Kindred. Fully aligned with our strategy, it will give the Group a diversified and balanced profile, based on several pillars.

“Given their respective histories, strategic strengths and core values, FDJ and Kindred are highly complementary, and I will be delighted to welcome Kindred’s management team and many talented individuals into the combined Group following this transaction.”

As suggested by FDJ’s recent Paris filing, the offer represents a premium of 24 per cent over the closing price on 19 January 2024 and 35 per cent over the weighted average price for the last 30 trading days.

Nils Andén, CEO of Kindred, added: “I’m delighted with today’s transaction announcement between FDJ and Kindred, creating a leading European gaming operator with the financial and strategic capabilities to further expand its global footprint. 

“I believe that combining with FDJ, Kindred can accelerate the delivery of long-term strategic projects, continue to grow in core markets, and provide a trusted source of entertainment to customers.”

7.5

Scott Sibella, former CEO of MGM Resort International’s MGM Grand, pleaded guilty to failing to file reports of suspicious transactions when he was working as head of the resort. 

According to his plea agreement, Sibella allowed a customer to continue to gamble large amounts of money at MGM properties despite having knowledge he was working as an illegal bookie. 

The player, named Wayne Nix, was also reportedly provided with lavish hotel stays and casino weekends hosted by Sibella from August 2017 to February 2019.

It’s a case that largely centres around the 2019 Super Bowl, which saw Nix accept a $5m bet on the Super Bowl – something Sibella was fully aware of.  

The sentencing for Sibella could be significant as he faces up to five years in prison followed by five years of probation. He will also pay a fine of $250,000.

The Cosmopolitan and the MGM Grand have also agreed to pay an additional $7.45m for their part in the transgression.

9.5

Self-exclusion service GAMSTOP has reported a 9.5 per cent increase in registrations in 2023, with registrants expected to surpass 500,000 this year.

Since its creation in April 2018 to the end of December 2023, GAMSTOP has registered 433,357 people onto its service, with more than 92,000 registering in the past year, a record high. May 2023 saw the most new registrations within a single month at 8,591.

In June, representatives of the self-exclusion scheme and those with lived experiences spoke at an event at the House of Lords to mark the service’s fifth anniversary.

55 per cent of all registrants self-excluded for a period of five years with GAMSTOP, which is also the longest period someone can self-exclude for. Registrants can also self-exclude for six months or a year.

Fiona Palmer, CEO of GAMSTOP, commented: “We are continuing to see a year-on-year increase in the number of registrants, which shows the importance of self-exclusion for anyone struggling with their gambling, alongside other blocking tools and support,” commented Palmer.

“We want to continue raising awareness of GAMSTOP to anyone who might benefit from self-exclusion and to the friends and families of anyone affected by gambling.” 

2

Sweden’s Gambling Authority, Spelinspektionen, has issued its first two bans of 2024 to companies accused of illegally providing gambling in the country.

True Polygon Entertainment Limited and Smein Hosting NV have been accused by the gambling authority of providing gambling in Sweden without the necessary licence and have been banned as a result.

Investigations found that True Polygon Entertainment’s CSGOBIG website or their affiliates, as well as Smein Hosting’s websites under the Gamdom brand or their affiliates, were found to have marketing in Swedish.

Spelinspektionen stated that in both cases, it was not discovered that Swedish consumers would be prevented from registering and creating an account on the websites in question.

The authority noted that both True Polygon Entertainment and Smein Hosting have been given an opportunity to make a statement, but it has yet to receive a response from either company.

1.2

A significant intervention has seen the Supreme Court of Justice in Mexico take action in a bid to settle ongoing disputes between Codere SA and SHCP, Mexico’s Ministry of Finance and Public Funds.

It stems from SHCP demands that Codere pay taxes and surcharges for the year 2008, which the Ministry estimates to be MEX 1.2bn pesos (approximately €300m).

However, Codere claims it was exempt from tax obligations in 2008 due to an ‘amparo’ granted by Mexico’s Federal Court of Administrative Justice (TFJA).

The SHCP has once again begun with the dispute, off the back of a rise in Codere’s tax charge from MEX560m to 1.2bn pesos after a ‘new determination’ by the Tax Administration Service (SAT), increased.

The Ministry contends that the initial protection is no longer applicable given Codere’s increased tax obligation, providing the basis to demand the operator to settle its outstanding liabilities.

As the SHCP details, “Following the SAT’s reassessment, Codere’s subsequent nullity trial upheld the SAT’s resolution, and their direct protection appeal was denied.”

The SAT reinstated its inspection and determined a revised “tax credit of 1,272,385,927 pesos”. Dissatisfied, Codere pursued another annulment trial, which upheld the SAT’s resolution; subsequently, Codere appealed to the Supreme Court for direct protection against this outcome.

Codere has challenged the Supreme Court, questioning the constitutionality of specific sections of the Federal Law of Administrative Procedure to avoid paying the taxes demanded by the SHCP.

This appeal marks the first time Mexico’s Supreme Court will intervene in a legal dispute regarding gambling taxes.

15

Online casino and sportsbook operator bet365 has enhanced the jackpot offering of its UK-facing platform by gaining progressive jackpot campaigns from Games Global. 

As part of a partnership between the two firms, Games Global will integrate a selection of 15 proprietary slot titles into bet365’s online casino lobby, each offering enhanced prizes from the studio’s Mega Moolah and WowPot! progressive jackpots. 

A spokesperson from bet365 commented: “The inclusion of Mega Moolah and WowPot! titles significantly enhances our jackpot offering, providing our players with the prospect of record-breaking wins.

“Our partnership with Games Global is going from strength to strength and we look forward to creating unforgettable gaming experiences for our customers together.

Within the supplier’s content offering, bet365 players will gain access to slots such as Mega Moolah, Wheel of Wishes and Immortal Romance Mega Moolah, as well as Cash N Riches Megaways WowPot!, Treasures of Kilaueau Mega Moolah and Wolf Blaze Megaways WowPot.

In 2023 alone, both Games Global’s Mega Moolah and WowPot! jackpot campaigns paid out over €155m, with increased prizes being won every 10 seconds on average. 

This figure included a record-breaking jackpot win of €38.4m, won by a lucky player on Games Global studio Alchemy Gaming’s Wheel of Wishes slot in December. That multi-million-pound win was the largest jackpot prize ever awarded on an online slot.

The post Kindred acquisition, GAMSTOP & Codere: the week in numbers appeared first on CasinoBeats.

It stems from SHCP demands that Codere pay taxes and surcharges for the year 2008, which the Ministry estimates to be MEX 1.2bn pesos (approximately €300m).

However, Codere claims it was exempt from tax obligations in 2008 due to an ‘amparo’ granted by Mexico’s Federal Court of Administrative Justice (TFJA).

The SHCP has once again begun with the dispute, off the back of a rise in Codere’s tax charge from MEX560m to 1.2bn pesos after a ‘new determination’ by the Tax Administration Service (SAT), increased.

The Ministry contends that the initial protection is no longer applicable given Codere’s increased tax obligation, providing the basis to demand the operator to settle its outstanding liabilities.

As the SHCP details, “Following the SAT’s reassessment, Codere’s subsequent nullity trial upheld the SAT’s resolution, and their direct protection appeal was denied.”

The SAT reinstated its inspection and determined a revised “tax credit of 1,272,385,927 pesos”. Dissatisfied, Codere pursued another annulment trial, which upheld the SAT’s resolution; subsequently, Codere appealed to the Supreme Court for direct protection against this outcome.

Codere has challenged the Supreme Court, questioning the constitutionality of specific sections of the Federal Law of Administrative Procedure to avoid paying the taxes demanded by the SHCP.

This appeal marks the first time Mexico’s Supreme Court will intervene in a legal dispute regarding gambling taxes.

In connection with the dispute, the Supreme Court held a preliminary judgement in which three ministers voted against the SHCP’s appeal, while two upheld the ministry’s right to its claim.

Codere possesses 135 permits to operate gaming arcades and bingo halls in Mexico, set to expire between 2027 and 2048.

2022 accounts saw Codere narrow its operating losses to €320m, following 2021 directives which saw the group consolidate its business by demerging its Codere Online unit and delisting from the Bolsa Madrid exchange.

The post SOJ steps in as Codere tax dispute rumbles on  appeared first on CasinoBeats.

Amid the sweltering heat of the Catalan capital, Sher set time aside to address a region that has been a hot topic for quite some time, in addition to elaborating on projections shared during the group’s Q2 report.

This saw Mexican operations surpass net gaming revenue of its Spanish counterpart for the first time, with much confidence also elaborated upon that the company expects to be in the black in 2024.

LatAm: the land of opportunity

The first stop of Sher’s whistle stop tour of continent-wide promise first landed in Argentina. With a licence not yet possessed by the operator in the province of Buenos Aires, this was logically cited as the first key step, however, should this be secured, confidence was projected that the country could become a very relevant market for Codere Online.

Should that not be the case, Codere Online will shift its immediate focus back to its dominant region, as well as Colombia, where maintained investments would be witnessed.

“Then we will continue to nourish Panama. In Chile right now the regulation is not clear. So we are basically sitting on the fence and waiting to see what’s happening,” Sher noted. 

“Peru, as it moves forward, we are exploring potential partnerships that would allow us to launch operations in the country. 

“And Brazil is for me, as I said before, it’s a super growth market and we need to approach it differently with the correct capital in the correct [way].” 

Regarding a country that has more than captured the industry’s imagination in recent times, Sher pinpointed a joint venture with a local partner as being the perfect way to “launch strong”, capture market share, and, most importantly, become “a big player”.

However, Sher acknowledged that “currently, we don’t have enough capital to do that, so we are working on a parallel path in order to be able to cater to that strategy.”

Cash flow and EBITDA positive goals

As previously alluded to, Codere Online has huge aspirations of being EBITDA and cash flow positive for the full year in 2024, following a trend witnessed among online gaming operators over recent times. 

However, as Sher elaborated on, this has been built on a number of key milestones that helped drive the company’s performance through the second quarter of the current year.

“So, the first key milestone we see is the stability in our platform and technology,” he commented. 

“This will give us the ability to continue to generate revenues. After that we focus on our product and delivering a better and improved one, both in sports and casino, which is something that we are continuously doing.

“The third key is that we are able to continue to invest the same amount of money into media, and to keep bringing the amount of new customers required by our plans in order to support the revenue that we said that we will deliver by the end of this year. And of course to continue to capture this same amount of new customers and retain active players towards next year.”

Built on this foundation, Sher remained bullish in the prospects of the company becoming cash flow and EBITDA positive during 2024.

Building on Q2’s foundation

Faced with budgetary restraints and a tough macroeconomic environment, Mexico has become the focus market for Codere Online.

As Sher acknowledged that the group is “on track to achieve positive EBITDA in 2024”, confidence, a common theme of the conversation, is stressed that revenue trends witnessed through H1 2023 will be maintained until the end of the year and beyond to achieve the group’s much established goals. 

“In the last couple of years we have heavily invested there [Mexico], and right now we are seeing the return on this investment,” he said.

“So, we continue to move money to Mexico in order to continue the revenue growth and ROI delivery that we saw so far, which will allow us to become cash flow positive.”

Travelling across the North Atlantic, and attention soon switched to Spain. Once Codere Online’s most dominant market, how does growth continue to be commonplace across the established jurisdictions?

“What we are doing is trying to defend our market share and to grow organically”, Sher noted, with a particular focus being placed upon digital efforts as TV falls by the wayside due to an advertising ban.

“…we have the support of our land-based presence to continue to expose the Codere brand to the top of mind of our customers,” he continued. 

“So, we are using basically the omni-channel approach here to maintain and strengthen our position.”

Future ambitions

“Our ambition, because of the macroeconomic situation, is to become EBITDA positive during 2024,” Sher concluded. “We think this will give us a strong market position and improved valuation. 

“With that, hopefully we are able to raise the funds needed to tackle Brazil and other emerging markets in LatAm and continue to grow at the pace we have since becoming a public company. 

“For now, we continue to manage the company with a strict focus on becoming cash flow positive, so that we are able to navigate through these tides in a calm and peaceful environment and continue to deliver our promises to our investors.”

The post Aviv Sher, Codere Online: LatAm growth the backbone of earnings ambitions appeared first on CasinoBeats.

Light & Wonder

Light & Wonder is to added Kelsy Foster to its roster of game designers next year, when she will lead a studio of game designers out of offices in Reno, Nevada.

This move will bring an end to more than two decades at IGT, where Foster most recently served as Vice President of Vibe Studio to bring to market several games, including Prosperity Link and Mystery of the Lamp. 

“We are thrilled to welcome Kelsy to the Light & Wonder team,” said Siobhan Lane, Light & Wonder CEO of Gaming. 

“Her 20-year journey in the gaming industry speaks to her unparalleled expertise, and we look forward to her leadership as we continue to shape the future of gaming and deliver the best games.”

Codere

Codere continues its senior management reorganisation by appointing Agustin Gonzalez as Director of Technology and Digitalisation of the Spanish and LatAm gambling group.

Working directly with new Chief Executive Gonzaga Higuero, Gonzalez will spearhead the omni-channel digitisation projects for Codere across all core markets.

In a statement, the company said. “Agustín González takes on the challenge of leading the company’s digital transformation, identifying opportunities where technology contributes to improving processes.

In addition, it will focus on the development and execution of a technological strategy aligned with the group’s general objectives, ensuring that technology is a lever for generating value.”

Mohegan

Guy Greene has been named as Vice President of Online Marketing of Mohegan Digital, where he will be charged with supporting the expanding footprint of its digital products. These include MoheganSunCasino in Connecticut and PlayFallsViewCasino in Ontario, Canada.

Greene, whose career started at Mohegan Sun when it opened in 1996, will lead a dedicated online marketing team as they continue to develop brand positioning, advertising campaigns, acquisition efforts and product management for the company’s igaming and online sports betting offerings

“Guy Greene has a wealth of Marketing knowledge and experience in the gaming industry and Mohegan is thrilled to have him lead our Online Marketing team,” said Rich Roberts, President of Mohegan Digital. 

“Our igaming business has seen tremendous success and to carry that success forward, and to further evolve and meet new demands in this fast-growing industry, a proven leader like Greene will be vital.”

Scientific Games

Angela Goodwin has been named as Vice President of SGEP Operations at Scientific Games, where she will lead the company’s instant game management program.

Having joined the group in 2007, she brings 16 years of lottery instant product manufacturing and management experience to the position.

Scientific Games’ enhanced partnership programs provide instant game portfolio management to over 20 partner lotteries, including eight of the top 10-performing instant game lotteries worldwide.

Prior to her new role, Goodwin served as Senior Director of SGEP Operations and Global Instant Products for Scientific Games. She has advanced through various roles since joining the company as Instant Game Manufacturing Coordinator.

“We believe that Angela’s natural leadership skills, overall management philosophy and extensive knowledge of our SGEP operations will provide the strategic vision to evolve the program and achieve growth for our lottery customers by responsibly driving instant product performance,” noted John Schulz, President of Americas and Global Instant Products for Scientific Games.

RLJ Companies

Scott Royster has been appointed as Chief Financial Officer at CAGE Companies, a RLJ Companies majority-owned company.

At the group, an operator of gaming systems, terminals and games in the Caribbean and South America, he will be charged with building on decades of experience to drive financial growth, discipline, and strategies.

Robert Johnson, Founder of The RLJ Companies and majority owner of the CAGE Companies, noted: “We are excited about Scott joining the CAGE Companies as its new CFO and sharing his vast experience as a CFO, entrepreneur and investment banker as CAGE continues its strategic growth and diversification into sports betting, virtual sports and igaming.  

“Scott has also previously served as a Director of one of my companies, RLJ Entertainment.”

Churchill Downs

Churchill Downs has named Patrick Neely as President of its Exacta Systems subsidiary, which was purchased for a total consideration of $250m, subject to certain working capital and other purchase price adjustments, in August.

Bringing over 25 years of experience to the position, Neely will gain responsibility for the overall strategy and operations of the newly acquired business unit, which operates within the company’s TwinSpires segment. The promotion is effective immediately.

“As CDI continues to lead in the Historical Horse Racing market, Patrick’s wealth of experience and knowledge will be invaluable additions to our leadership team,” stated Ben Murr, SVP of CDI & President of TwinSpires and Online Gaming. 

“We look forward to continuing to grow this business with Patrick and the Exacta team.”

Accel Entertainment

Accel Entertainment has announced that Mark Phelan, formerly Chief Revenue Officer, has been promoted to the newly created position of President of US Gaming.

The gaming terminal provider noted that Phelan will be primarily responsible for setting and guiding Accel’s growth strategy, including leading the execution of key expansion and diversification initiatives. 

In addition, he will also continue to oversee business development as well as the company’s M&A strategy. He will remain an active member of the executive team, and report directly to President and CEO Andy Rubenstein.

“Since joining Accel, Mark has been an exceptional leader of our sales and revenue team,” stated Rubenstein. “Throughout this time, Mark has driven significant revenue growth and helped shepherd Accel’s expansion into new markets. 

“This newly created position will enable Mark to focus even more of his time and energy on our go-forward strategy to expand our geographical presence and the breadth of our offerings. This appointment is a true testament to Mark’s expertise and I look forward to continuing to partner with him in this new capacity.”

The post Light & Wonder, Scientific Games, Codere & Mohegan: on the move appeared first on CasinoBeats.

As revenue increased across the digital operator’s primary region’s, reduced losses through Q2 have seen Codere Online increase its guidance expectations for the full-year.

In addition to the aforementioned pair jurisdictions, Codere Online also operates in Colombia, Panama and the city of Buenos Aires, which are completed by the wider group’s physical presence in Spain and throughout Latin America.

During the past quarter, net gaming revenue increased 33.9 per cent to €39.1m (2022: €29.2m), while net loss narrowed to €1.7m (2022: -€6.7 m) and adjusted EBITDA losses improved to €4.5m (2022: -€9.9m), with marketing and platform and content fees comprising the lion’s share. Average monthly activities enjoyed an increase, however first time depositors declined.

Mexican operations saw NGR increase 51.3 per cent to €18m (2022: €11.9m) and Spain tracked a 24.1 per cent uptick to €17.5m (2022: €14.1m), however, Colombia dropped fractionally to €2.1m (2022: €2.2m). ‘Other’ improved 40 per cent to €1.4m (2022: €1m).

Spain saw AEBITDA increase 58.3 per cent to €5.7m (2022: €3.6m), while all other reporting regions tracked losses despite each recording improvements. 

Aviv Sher, CEO of Codere Online, noted: “We’re glad to present a strong set of second quarter results and to continue building upon the momentum from the first quarter. 

“Our net gaming revenue grew 34 per cent to €39m, in line with the level from the first quarter despite the seasonal decline in sporting events. Our casino product, which has been a strategic priority for some time, contributed 54 per cent of our revenue in the period”.

For the year-to-date, NGR secured a 44 per cent uplift to €78.6m (2022: €54.6m), while AEBITDA losses followed suit by narrowing to €7.6m (2022: -€23.1m).

An increase in NGR and AEBITDA expectations for the full-year sees Codere stress that these should between €150m and €160m and -€15m to -€25m, with it reiterated that the firm anticipates being EBITDA and cash flow positive for the full year through 2024.

Oscar Iglesias, CFO of Codere Online, stated: “We continue delivering strong revenue growth, despite a lower level of marketing investment, on the back of strong brand recognition, higher quality customers and continued improvement in our product offering. 

“This has allowed us to reduce our adjusted EBITDA loss by more than half to negative €4.5m in the second quarter.

“We feel very encouraged by first half results, which continue to exceed our original expectations, and now expect to generate between €150m-160m of net gaming revenue in 2023, a seven per cent increase at the midpoint versus our prior outlook. 

“In regards to adjusted EBITDA, we expect to deliver negative €15m-25m, and believe we are well on track to deliver positive EBITDA and cash flow for the full year in 2024.”

The post Codere Online expecting to be EBITDA & cash flow positive in 2024 appeared first on CasinoBeats.

Allwyn

Allwyn has appointed Andria Vidler as UK CEO ahead of the company becoming operator of the UK National Lottery in February 2024.

Vidler will replace Robert Chvátal on October 1 who had been interim CEO since January, but will now go back as full-time Group CEO of Allwyn.

Commenting on her new role, Vidler said: “This is such an exciting opportunity to ensure The National Lottery, a hugely loved UK brand that delivers immense benefits to society, is in the best shape possible for the future. I can’t wait to get to work alongside partners and colleagues from across our Allwyn and Camelot teams to make this vision a reality.”

Chvátal added: “Andria’s experience of developing and managing compelling brands, content and campaigns that connect with audiences in a fast-changing digital environment made her the ideal choice for our new CEO.

“In her new role, she will not only be able to draw on the great talent we have in the UK but also all the advantages of the powerful Allwyn Group platform.”

Vidler departs 888 to join Allwyn, leaving her role as Chair of the ESG Committee, effective September 30.

Lord Mendelsohn, Executive Chair of 888, stated: “On behalf of the Board, I would like to congratulate Andria on her appointment to this new role and thank her wholeheartedly for the significant contributions she has made during her time with 888.

“Her support and extensive experience have been invaluable as we have continued our work to deliver against our long-term strategic objectives following the acquisition of William Hill. We wish her all the best for the future.”

Codere

Codere has made two additions this week, naming Luis Villalba as Chief Financial Officer and Sonia Carabante in the newly created position of Corporate Director of Commercial Strategy and Business Projects.

As CFO, Villalba will lead Codere’s financial strategy following its refinancing, and he replaces the outgoing CFO Óscar Fernández de Llano, who is leaving his position for personal reasons.

Bringing almost 25 years of experience in the financial field to Codere, Villalba previously held the position of Financial Director and Member of the Executive Committee at Deoleo Group. 

Joining as Corporate Director of Commercial Strategy and Business Projects, Carabante will lead key commercial strategy projects for the group, overseeing efficiency projects, transformation and implementation of local strategies and projects, and will play a key role in global oversight of the company’s marketing, CRM and product functions.

Reporting to Group CEO Gonzaga Higuero, Carabante brings more than 25 years of experience and knowledge to Codere, having previously worked at Cirsa in various positions including Director of Customer Intelligence, Efficiency & Productivity.

888

888 has appointed Alexis Zamboglou as Managing Director of UK & Ireland.

Zamboglou has been a part of the company since 2020, holding roles at William Hill of UK Strategy Director, Marketing Director and a dual role as UK Marketing Director and Managing Director for Ireland. He has also held marketing roles at BoyleSports, Ladbrokes Coral and Entain.

In his new role, he will be responsible for the 888sport, 888casino, William Hill and Mr Green brands across the UK and Ireland.

In a Linkedin post, Zamboglou said: “Hugely excited to get the opportunity to run the UK and Irish business, with some of the biggest brands in the globe in William Hill, 888 and Mr Green.

“Really looking forward to working across sports, gaming and marketing with some of the most talented teams in the industry and building on the success we’ve had so far in 2023.

“It’s been a year of transformation and foundation building for 888/William Hill but we’re now ready and revving to go for growth in both the UK and Ireland, underpinned by our continued and tireless work on player safety and our customer-first mission.”

Elsewhere at 888, Yariv Lavi has announced that he will be leaving his role as Director of Business Development.

Lavi said: “I’m excited to share that I’m leaving #888 this week after 13.5 years. It’s been an incredible journey, and I’m so appreciative for the opportunity to have worked with such talented people.

“I’ve learned so much from my colleagues and managers, and I’m proud of the work we’ve done together. I’m also grateful for the chance to have worked for one of the best gaming operators in the world, and to collaborate with amazing partners across the industry.

“I’m excited to see what the future holds, and confident that I’ll be able to build on the foundation I’ve established at 888. Thank you to everyone who has made my time at 888 so special. I wish you all the best in the future.”

Rank

Sam Allanson has been hired by Rank Group as Chief Financial Officer of Rank Interactive.

Reporting to Group CFO, Richard Harris, Allanson will join Rank later this year from Entain, where he currently holds the position of Commercial Finance Director.

Allanson joined Entain in 2017 following the Ladbrokes and Coral merger and before the GVC acquisition. He has previously held financial positions at Ladbrokes and Sky.

Commenting on his new role, Allanson said: “Rank Interactive is one of the most exciting places to be right now in the betting and gaming industry, as the business continues to grow and play a larger part in the success of the overall Group.

“Drawing from my previous experience in the sector, I look forward to contributing to Rank Interactive’s ongoing success and to support the finance team in delivering the ambitious plans that Rank has for its digital growth. I am excited to be part of a senior management team with such a clear vision for growth.”

Harris added: “I am delighted to welcome Sam as we continue to grow our Interactive business. His experience in consumer-facing businesses, particularly in betting and gaming, will be extremely valuable as we continue to implement our strategy.

“Building our financial capabilities across the Group is an important cornerstone of Rank’s ambitions to excite and entertain our customers, a vision Sam shares with us.”   

Bede Gaming

Bede Gaming has appointed Dan Whiteley as Chief Technology Officer, 

Bringing 25 years of complex technology solutions and digital products experience to the role, Whiteley specialises in setting innovative technology vision and strategy for digital transformation, product engineering, architecture, IT service, security and operations.

Before joining Bede, Whiteley held senior leadership positions at Jugo, CTS and Flutter Entertainment.

Commenting on his new role, Whiteley said: “I’m proud to become part of Bede’s journey. It’s a company with proven strength in engineering excellence, and the potential to build upon Bede’s current capabilities is an exciting prospect. I’m looking forward to working with the team to deliver cutting-edge technology for the igaming market.”

Colin Cole-Johnson, CEO of Bede, added: “We’re thrilled to welcome Dan to the team. As CTO, he will be pivotal in driving our technology strategy, collaborating with all teams across the business to ensure Bede is an industry leader in innovative and cutting-edge solutions. 

“He will be an integral part of Bede operations, both internally and externally, and his extensive experience in technology leadership makes him an excellent fit for this role.”

SkyCity

Donna Cooper has been named as a Non-Executive Director for SkyCity, assisting the board in an advisory role.

The appointment is subject to approval by each regulating authority in every gaming jurisdiction SkyCity operates in, a process which can take months to complete.

If approved, Cooper will replace the retiring Sue Suckling as a Non-Executive Director on the board. Her experience includes over 25 years in the financial services industry, where she was most recently CEO of TSB Bank.

Based in New Zealand, she has also held roles for The Warehouse Financial Services Group, Baycorp (NZ) and American Express International.

Cooper is also a member of the New Zealand Institute of Directors and the Global Women’s Leadership Network. Until July 28, she will also remain Chair of the NZ Bankers’ Association’s Domestic Banks Group and a member of the NZ Bankers’ Association’s Governing Council.

SkyCity Chair, Julian Cook, commented: “Donna has extensive experience in the financial services industry, most recently as Chief Executive Officer of TSB Bank Limited where she has led the organisation through material transformation, significant regulatory uplift and growth in residential lending. 

“She brings diverse global expertise to the SkyCity Board and experience in building and managing strategic, complex relationships in public and private sectors. We are delighted that she has agreed to join the SkyCity board.”

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