International edition
September 16, 2021

The Group continues to generate interest among international investors

Codere seeking to fund Mexican gaming acquisition

(Mexico / Spain).- The Spanish Codere Group is seeking to raise funds through the issue of senior notes worth us$ 300 million. The move is expected to enable it to acquire a majority stake in ICELA, a racetrack, gaming and entertainment subsidiary of its Mexican partner CIE.

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n 2007, Codere acquired a 49 per cent stake in ICELA and it is now seeking to increase its share to 84.8 per cent.

ICELA operates 52 gambling establishments in Mexico, including the Hipodrome de las Americas in Mexico City. Codere also holds a 67.3 per cent stake in a further five licensees operating a total of 44 gambling establishments, with the remaining share held by Grupo Caliente. As a result, Codere is the largest local gaming operator in Mexico, with approximately 20,000 gaming terminals.

This new offering constitutes the first stage of the group’s strategy for re-denominating its capital structure in local Latin American currencies and US dollars and for preparing the sale of a stake in its operations in Latin America.

"Despite the current difficult environment, the Codere Group continues to generate interest among international investors and we are very satisfied with the placement, as the demand amply exceeded the amount of the issue," said the company’s CFO, David Elizaga.

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