International edition
September 20, 2019

The firms will develop a USD 1 B complex

Hard Rock teams up with Spain-based Codere to build gaming properties in Mexico

Hard Rock teams up with Spain-based Codere to build gaming properties in Mexico
Under the agreement, the Florida-based leisure and entertainment giant will build its second ‘guitar-shaped hotel’ within Mexico City. The first one is located in Florida and will open its doors on October 24.
Mexico | 08/23/2019

Pursuant to the partnership terms, the Spanish gaming group will convey land in Mexico City to Hard Rock, who will finance the development of a new ‘tourist complex’ valued at $1 billion, which will house a gaming floor and sportsbook property serviced by Codere.

T

he Spanish gaming group Codere has entered into a joint venture deal with Hard Rock International, under which both companies will develop new gaming facilities within Mexico.

Codere will act as the minority partner in the development of the Hard Rock complex, maintaining 40% of equity. Hard Rock will hold the remaining 60% and will be responsible for securing financing for the project.

As reported by El Confidencial, as part of the deal, the Florida-based leisure and entertainment giant will build its second guitar-shaped hotel within Mexico City. The first one is located in Fort Lauderdale, Florida and is set to open its doors on October 24. The firm's $1 billion expansion project doubled the size of the casino, creating a new Hard Rock Live venue and add a 36-floor hotel.

The Mexico City ’48- storey complex’ will house a gaming floor and sportsbook property serviced by Codere. The total investment has been valued in $1 billion.

Just a week ago, Codere shares were affected by the economic crisis in Argentina, one of the group’s main markets after the results of the primary elections in that country.

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