Latest News
Codere Online Reports Financial Results for the Fourth Quarter and Full Year 2023
Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited[2] financial results for the fourth quarter and year ended December 31, 2023.
Below are the main financial and operating metrics of the period.
|
Quarter ended December 31 |
Year ended December 31 |
||||||
|
2022 |
2023 |
Chg. % |
2022 |
2023 |
Chg. % |
||
|
Net Gaming Revenue (EUR mm)1 |
|||||||
|
Spain |
17.8 |
20.8 |
17% |
60.0 |
75.7 |
26% |
|
|
Mexico |
16.3 |
25.1 |
54% |
51.1 |
81.7 |
60% |
|
|
Colombia |
2.3 |
2.3 |
– |
7.9 |
8.5 |
8% |
|
|
Other |
1.3 |
1.8 |
38% |
3.9 |
6.0 |
54% |
|
|
Total |
37.7 |
50.1 |
33% |
122.9 |
171.9 |
40% |
|
|
Avg. Monthly Active Players (000s)[3] |
|||||||
|
Spain |
41.3 |
47.4 |
15% |
38.1 |
42.3 |
11% |
|
|
Mexico |
50.8 |
59.1 |
16% |
38.5 |
52.5 |
37% |
|
|
Colombia |
38.5 |
23.0 |
(40%) |
28.7 |
24.3 |
(15%) |
|
|
Other |
11.2 |
9.6 |
(14%) |
7.9 |
9.2 |
17% |
|
|
Total |
141.8 |
139.2 |
(2%) |
113.1 |
128.3 |
13% |
|
Aviv Sher, CEO of Codere Online, stated, “In Q4 2023 we delivered an impressive 33% growth in net gaming revenue to €50 million, our highest ever quarterly figure, despite a tough comp 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% of total net gaming revenue in the period.”
Mr. Sher further added, “Our net gaming revenue in Mexico grew by 54% in the fourth quarter, reaching more than €25 million, whereas net gaming revenue in Spain, grew by 17%, to nearly €21 million. We were able to grow our active customer base by more than 15% in both markets in the quarter which we believe is impressive considering the similar level of marketing investment in these countries in 2023 versus the prior year.”
Oscar Iglesias, CFO of Codere Online, stated, “Our fourth quarter results have allowed us to reach nearly €172 million of net gaming revenue for the full year, 19% above the midpoint of the initial €140-150 mm outlook we provided early last year. This outperformance, combined with the overall lower level of marketing investment, also allowed us to deliver a better than expected negative €12mm in Adjusted EBITDA versus the initial outlook of negative €20-30mm.”
Mr. Iglesias further added, “We are very encouraged by our performance in 2023 which further supports our expectation that we will generate positive Adjusted EBITDA and cash flow for the full year in 2024, a year in which we expect net gaming revenue of €185-200 mm. In short, we expect to deliver upon our original commitment to investors to be a profitable company in the third year after de-SPAC and are more committed than ever to creating meaningful value for our shareholders.”
Conference Call Information
Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, February 29, 2024. Dial-in details as well as the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.
Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)
|
Quarter ended December 31 |
Year ended December 31 |
||||||
|
Figures in EUR mm |
2022 |
2023 |
Chg. % |
2022 |
2023 |
Chg. % |
|
|
Total |
|||||||
|
Revenue |
35.6 |
46.9 |
32% |
115.7 |
162.6 |
41% |
|
|
(+) Accounting Adjustments[4] |
2.1 |
3.1 |
48% |
7.2 |
9.2 |
28% |
|
|
Net Gaming Revenue |
37.7 |
50.1 |
33% |
122.9 |
171.9 |
40% |
|
|
Spain |
|||||||
|
Revenue |
17.8 |
20.8 |
17% |
60.0 |
75.7 |
26% |
|
|
(+) Accounting Adjustments3 |
– |
– |
n.m. |
– |
– |
n.m. |
|
|
Net Gaming Revenue |
20.8 |
17% |
60.0 |
75.7 |
26% |
||
|
Mexico |
|||||||
|
Revenue |
14.5 |
22.6 |
56% |
45.5 |
73.3 |
61% |
|
|
(+) Accounting Adjustments3 |
1.8 |
2.5 |
39% |
5.6 |
8.4 |
50% |
|
|
Net Gaming Revenue |
16.3 |
25.1 |
54% |
51.1 |
81.7 |
60% |
|
|
Colombia |
|||||||
|
Revenue |
2.4 |
2.8 |
17% |
7.0 |
9.3 |
33% |
|
|
(+) Accounting Adjustments3 |
(0.1) |
(0.5) |
n.m. |
0.9 |
(0.8) |
n.m. |
|
|
Net Gaming Revenue |
2.3 |
2.3 |
– |
7.9 |
8.5 |
8% |
|
|
Other |
|||||||
|
Revenue |
0.9 |
0.7 |
(22%) |
3.2 |
4.4 |
38% |
|
|
(+) Accounting Adjustments3 |
0.4 |
1.1 |
n.m. |
0.7 |
1.6 |
129% |
|
|
Net Gaming Revenue |
1.3 |
1.8 |
38% |
3.9 |
6.0 |
54% |
|
Latest News
Soaring Eagle Casino & Resort Chooses QCI Chatalytics to Enhance Casino Operations with Integrated AI Solutions
Soaring Eagle Casino & Resort has chosen Quick Custom Intelligence’s (QCI) Chatalytics, an AI-based platform, to transform casino operations and enhance guest satisfaction.
The QCI Chatalytics package—encompassing Slot Copilot, Player Copilot, the Dashboard, and the Robot Button—integrates OpenAI technology for real-time insights and efficient decision-making across the gaming floor.
Designed to boost both player and slot management, QCI Chatalytics delivers an advanced combination of AI-driven features. Slot Copilot empowers operators with live slot machine performance monitoring, predictive analytics, and automatically assigned tasks. Player Copilot focuses on personalized engagement by analyzing guest data to guide service strategies and reward offerings. With the Dashboard, teams benefit from an easy-to-read, real-time overview of key performance metrics, enabling swift, data-informed insights. Additionally, the Robot Button automates routine tasks, freeing up staff to concentrate on more valuable responsibilities and boosting overall productivity.
Dr. Michael Lynch, Director of Database Marketing at Soaring Eagle Casino & Resort, conveyed his enthusiasm: “Bringing QCI Chatalytics on board represents a vital step in leveraging AI to enhance our operations. With cutting-edge tools like the Robot Button, Slot Copilot, and Player Copilot, we can offer more tailored guest experiences while gaining a clearer understanding of our gaming operations.”
Dr. Ralph Thomas, CEO of QCI, outlined his perspective on the new partnership: “We are thrilled to introduce QCI Chatalytics to Soaring Eagle Casino & Resort. By weaving OpenAI’s capabilities into our solution, we deliver an unprecedented degree of automation and clarity. We believe Chatalytics will be a key factor in refining casino floor management and boosting guest satisfaction through instantaneous, data-driven decision-making.”
The QCI Chatalytics suite is part of Quick Custom Intelligence’s broader mission to spur innovation in the gaming sector, offering a robust set of tools that streamline operations and enhance the overall player experience.
The post Soaring Eagle Casino & Resort Chooses QCI Chatalytics to Enhance Casino Operations with Integrated AI Solutions appeared first on European Gaming Industry News.
Latest News
THE MONEYMAKER TOUR EXPANDS ITS SCHEDULE WITH A NEW STOP AT MGM NATIONAL HARBOR IN APRIL
The Moneymaker Tour’s first venture to the Northeast set to guarantee $400,000 across the series
Poker legend Chris Moneymaker today announced that he is bringing his new live tournament to Baltimore when The Moneymaker Tour comes to MGM National Harbor, Maryland next month.
American players from the mid-Atlantic and Northeast will get their shot at greatness and to follow in the footsteps of Moneymaker, the 2003 WSOP Main Event winner who came from amateur obscurity to beat the best poker players in the world.
Scheduled from April 21-28, this will be the fourth Moneymaker Tour stop for 2025 and will guarantee more than $400,000 across 12 trophy events, including a $1,500 Main Event which has $300,000 guaranteed.
This event marks the second partnership between The Moneymaker Tour and MGM, building on the success of The Moneymaker Tour stop at MGM Grand Las Vegas in July 2024, where the Main Event prize pool reached $2,163,830 – more than double its $1M guarantee.
“We’re thrilled to bring the Moneymaker Tour to the Northeast for the first time, kicking things off at MGM National Harbor,” said Tony Burns, Executive Manager. “As we continue to grow our partnership with the MGM brand, this stop marks an exciting milestone in expanding our reach and bringing an unforgettable experience to a new audience.”
“We’re excited for the Moneymaker Tour’s debut at MGM National Harbor,” said Alex Alvarado, VP of Casino Operations for the resort. “This tournament is sure to be filled with high-stakes action and unforgettable moments. We can’t wait to welcome players and fans to what promises to be a great event.”
Established in 2023 by 2003 WSOP Main Event Champion and ACR Poker Pro, Chris Moneymaker and Moneymaker Tour Executive Manager, Tony Burns, the Moneymaker Tour was conceived as a way to offer poker players their own ordinary-to-extraordinary moments, much like Moneymaker did. Since then, the tour has expanded across the US, with stops in Florida, Cincinnati, Houston, Ohio, and now Maryland, along with international events in Aruba and the newly announced stop at Playground, Canada.
After a milestone 2024 featuring 10 stops across the US and its first international series in Aruba, the Moneymaker Tour continues its rapid growth. Recent highlights include successful events in Florida, such as Palm Beach Kennel Club, and upcoming stops at Dania Beach on March 6 – 9 and Daytona Beach on April 2 – 14 before heading to the MGM National Harbor, Maryland. Next, the tour makes its debut in Canada with a CAD$1 million series guarantee from May 7 – 20 before returning to Aruba from September 18 – 28, alongside the Caribbean Poker Series.
2025 Moneymaker Tour Schedule:
- The Casino at Dania Beach, Florida, March 6 – 9
- Daytona Beach Racing & Card Club, Florida, April 2 – 14
- MGM National Harbor, Maryland, April 21 – 28
- Palm Beach Kennel Club, Florida, April 30 – May 13
- Playground Poker, Quebec, May 7 – 20
- The Casino Aruba at Hilton, Aruba, September 18 – 28
For more information visit: moneymakerpt.com
The post THE MONEYMAKER TOUR EXPANDS ITS SCHEDULE WITH A NEW STOP AT MGM NATIONAL HARBOR IN APRIL appeared first on European Gaming Industry News.
Clover Casino in Aguascalientes is now home to Zitro’s CONCEPT cabinet line, courtesy of renowned operator Golden Lion Entertainment Group.
The CONCEPT line is a marvel of modern design, seamlessly blending ergonomics, comfort, and state-of-the-art multimedia features. A spectacular light show, synchronized with the game sequences, creates a visually stunning atmosphere. The giant Screen Deck touchscreen further elevates the user experience, providing unparalleled convenience and functionality for both players and operators.
Beyond the striking new cabinets, Clover Casino has also bolstered its game library with the addition of Legendary Sword, Triple Charm Journey, and Fairyland Quest. These three titles are celebrated for their breathtaking graphics, innovative gameplay mechanics, and enticing prizes.
“We are absolutely delighted with this addition and confident it will transform the gaming experience at our casino,” says Golden Lion. “We already feature a wide array of Zitro products and are committed to regularly expanding our offerings to consistently provide our players with the very best.”
Zitro founder Johnny Ortiz Viveiros added, “The introduction of CONCEPT empowers us to offer operators a wider selection of hardware for our extensive game library, fostering a more diverse and engaging gaming environment. We are certain that CONCEPT will be a tremendous asset for Golden Lion, a true leader in Mexican entertainment.”
The post ZITRO’S CONCEPT CABINET LINE AND NEW GAMES ARRIVE AT CLOVER CASINO IN MEXICO appeared first on European Gaming Industry News.
-
Latest News3 months agoGamCare releases Annual Report following record breaking year of support on the National Gambling Helpline
-
Latest News3 months agoAbios powers upcoming gaming media platform Apollo with in-play statistics for League of Legends
-
Latest News3 months agoGovernment support, medals, and global recognition define a landmark year for Indian esports and video gaming in 2024
-
Latest News3 months agoKambi Group plc repurchase of shares during 18 December – 23 December 2024
-
Latest News3 months ago
India Levels Up: Emerging as a Global Gaming Powerhouse in 2024
-
Latest News2 months agoImagine Live Partners with King.rs
-
Latest News3 months agoGambling.com Group Enters into Definitive Agreement to Acquire Odds Holdings, Parent Company of OddsJam, a Fast-Growing Technology Platform for Real-time Odds Data, in Accretive Transaction
-
Latest News1 month agoSportradar’s Alpha Odds Receives Dual Honors at European iGaming Awards 2025
You must be logged in to post a comment Login