International edition
September 24, 2020

The division of the Mexican company operates 65 gaming licenses

Codere acquires 49 % of CIE Las Americas

(Mexico) .- The Mexican entertainment company CIE announced last Monday that it signed an agreement to sell a 40% of its CIE Las Americas division to its partner, the Spanish gaming company Codere, a negociation designed to get addittional cash to pay debts.

T

he division, located in the Mexican capital in the so-called “Complejo Las Americas”, includes up to 65 casino licenses, remote betting centres and electronic draws, a convention center, a horse racetrack and betting installations as well as a theme park for children.

“Codere would accept to acquire the 49 percent of CIE Las Americas instead of the 50 percent that currently has in the association for the sportbooks operation with CIE, plus us$ 175 million in cash, payable at the end of the transaction and a certain amount of payments in expanded quota”, said CIE in a press release.

Codere operates bingo halls in Spain, Argentina, Mexico, Colombia and Italy. The betting and bingo operations represent the 80 percent of the income of CIE Las Americas, which is also the main source of incomes of the company.

Last month, CIE obtained us$ 150 million for the sale of its majority share in three Latin American units. At the end of March, the short-term debt of CIE was us$ 100,979,407, while its non secured debt with foreign creditors reached us$ 260 million, said Zevada.

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