Codere Online boasts 63% growth in Mexico Q3 revenue

November 15, 2023
By

The CEO said the results were beyond company expectations, although Codere's fall in Colombia was not mentioned by Sher.

Codere Online has published its financial results for the third quarter of 2023. The company posted overall revenue of nearly $44.6m during Q3, reflecting a 42% boost when compared to results from last year’s corresponding quarter.

Total net gaming revenue rose by 41% year-over-year during the third quarter to reach $46.8m.

The company reported growth in total revenue and net gaming revenue from its Mexico operation. During the third quarter, Mexico revenue reached $20.3m. Net gaming revenue grew by 63% in Q3 to total nearly $22.8m. Third-quarter growth was more than 10 percentage points higher than what the company posted during 2023’s second quarter.

Company CEO Aviv Sher described this quarter’s financial results as “impressive” and said the latest results reflected a solid period for the group.

Sher commented, “We’re very pleased with our performance in the third quarter and to be presenting another set of impressive results. This quarter we not only posted significant net gaming revenue growth of 41%, but also took a significant step in our path to profitability with break-even adjusted EBITDA in the period.

“It was a solid quarter for sports betting, with the return of the major sporting events, but also for our casino product, which contributed 58% of our revenue in the period.”

He went on to discuss the substantial growth the company reported in Mexico and noted that this quarter’s result surpassed the company’s expectations.

However, revenue fell year-on-year in Colombia and Sher did not address this.

The CEO concluded by saying, “Mexico continued to exceed our expectations with revenue growth of 63% in the third quarter and consolidating its position as our largest market (by revenue) ahead of Spain.”

State-by-State

Product Spotlight

Konami

Things get unruly in the company of some fleecy characters in the new Konami Gaming’s new Unwooly Riches slot series.
GA HUDDLE #087

John Connelly - Interblock preparing to launch online by the end of year

John Connelly, the Global CEO of Interblock, joins the Huddle to talk about:
- The company's conversion to the online space
- The performance of ETGs
- Interblock's new philanthropic efforts
- The trend of companies going private
- And more!
GA HUDDLE #086

Michael Hershman - Dispelling casino 'myths:' New York needs to lose fear of the unknown

Michael Hershman, CEO of the Soloviev Group, joins Tim Poole on the Huddle to put forward his case that the Freedom Plaza is the way to go for one of New York's casino licences. He fields a variety of questions - not shying away from any of them - on why 'myths' about casinos and a fear of the unknown should be dispelled, as well as acknowledging the strength of rival bids and discussing opposition to the project.

Five years ago, before the mass proliferation of social media we see today – and even before the Covid-19 pandemic – I think you would be hard pressed to find a CEO talking about “Instagrammable moments.” KPIs w...

gga
The Global Gaming Awards: Looking ahead to 2024's ceremonies.
After more than a decade of celebrating gaming's best, Gaming America looks ahead to a bright 2024 for the Global Gaming Awards in the Americas and Asia-Pacific.
GA
From the top: The Indian Gaming Tradeshow & Convention
Tribal gaming is a uniquely American institution and all its uncommon attributes were on display this April at the Indian Gaming Tradeshow & Convention in Anaheim, California.
terre
Review: Terre Haute Casino Resort and Harrah's Hoosier Park Racing & Casino
Terre Haute Casino Resort vs. Harrah's Hoosier Park Racing & Casino, Gaming America's Laura Mack reviews each property.
andrew
Eureka Casino interview: CEO Andre Carrier on resort expansion
We spoke with returning guest, CEO Andre Carrier, about Eureka Casino Resort's expansion. He aims to not only change the look and feel of the casino, but to also build residential housing around it.