Codere Online reports $30.9m in Mexico revenue in Q1
Net gaming revenue in the region grew by 15% year-over-year.
Key Points
- The company reported growth in its Mexico operations when compared to last year’s revenue figures
- Codere Online is on track for its adjusted EBITDA and net gaming outlook projections for the year
Codere Online has released its financial and business results for the first quarter of 2025. Revenue from its operations in Mexico reached $30.9m in the first quarter.
Net gaming revenue for the Mexican region grew by 15% year-over-year and generated nearly $31.2m in Q1.
Overall company revenue totaled $60.8m in the first quarter, while total company net gaming revenue reaching $63.8m.
By the end of the quarter, the company reported a total cash position of $46.8m. Codere’s first quarter ended March 31.
Company shareholders recently greenlighted the repurchase of up to $1m of Codere Online’s ordinary shares over a one-year period, for a total investment of up to $5m. This was approved by the company’s Board of Directors in March.
CEO Aviv Sher noted results from Q1 have set the tone for a good year.
He further commented, “We are off to a good start in 2025, with net gaming revenue reaching an 8% increase compared to the same period last year. In Mexico, net gaming revenue grew 15%, despite the 16% devaluation of the Mexican peso.”
Chief Financial Officer Oscar Iglesias agreed and said results from its Mexico operations were an encouragement.
He said, “We are very pleased with our performance in Mexico and the underlying trends in local currency. Also, our portfolio of active customers grew by an impressive 31% versus the prior year quarter which is quite encouraging.”
He added, “Based on these results, we believe that we are on track to meet our net gaming revenue outlook and adjusted EBITDA outlook that we provided to investors earlier this year.”
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