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.