Grupo Codere denies sale of its bingo business in Argentina

Consulted by Yogonet.com, the Country Manager of Codere Argentina, Héctor Luna, pointed that "the authorities of the company became knowledgeable of the news through the newspapers, because there was no journalist who contacted them and they did not make any statement on the matter.”

The Spanish group operates 14 gambling venues in the province of Buenos Aires. The 24 bingo halls distributed in the Province of Buenos Aires bring Spanish Codere the 54% of their incomes. But, according to the media, despite their winnings in the country as well as the fact that the Governor of the Province of Buenos Aires Daniel Scioli extended the license until 2027, the company would have been interested in leaving Argentina on the coming months. 

Part of the rumor denied by the company pointed that Martínez Sampedro brothers, owners of Codere, had taken the decision of puting on sale their bingo halls, which are the largest of the Province, due to the impossibility of sending their utilities, according to information released last Monday by Clarín. Although the company generates benefits in the country, it would not be able to have access to them in order to face financial commitments. After its expansion in Mexico, the company must face a due date for 70 million euros with an expiration date next May 31st, the first of a series of payments that reach 240 million euros in total.

According to unofficial press information, Codere business would already have several interested parties, among which there are local groups and a holding comprised by Brazilian bank Itaú, together with companies belonging to the gaming sector. However, sources close to the company denied having had any relationship with the articles mentioned in the media. Codere is a company that quotes on Madrid stock market and, at an international level, it operates a business volume of around 1,1 billion annually. Besides, it administrates 34,000 recreational slots, 86 bingo halls, 39 sportsbooks, two horse racetracks and casinos in Spain, Italy, Colombia, Mexico, Panama, Peru, Uruguay.

Within this scenario, Codere operation in the country represents the 50% of the gaming collection in Buenos Aires. The 60% of the Argentine bets are held in Buenos Aires, which totalize, at a national level, around us$ 2.2 million per hour, 365 days a year (around us$ 19,200 million a year).