{"id":284,"date":"2024-06-29T00:42:40","date_gmt":"2024-06-28T21:42:40","guid":{"rendered":"https:\/\/yabbycasino225nodepositbonuscodes.icu\/2024\/06\/29\/coderes-earnings-plunge-54-3-as-pandemic-impacts-operations\/"},"modified":"2024-06-29T00:42:40","modified_gmt":"2024-06-28T21:42:40","slug":"coderes-earnings-plunge-54-3-as-pandemic-impacts-operations","status":"publish","type":"post","link":"https:\/\/yabbycasino225nodepositbonuscodes.icu\/2024\/06\/29\/coderes-earnings-plunge-54-3-as-pandemic-impacts-operations\/","title":{"rendered":"Codere&#8217;s Earnings Plunge 54.3% as Pandemic Impacts Operations"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/ihSlDvQwHdg\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Codere has declared that its lenders have endorsed a strategy to manage its operations, as the company continues to face financial difficulties in the initial three months of the year, with earnings dropping by 54.3% to \u20ac127.2 million (\u00a3109.9 million\/$155.1 million) due to the shutdown of locations in nearly all of its primary markets.<\/p>\n<p>Codere stated that the revenue decrease was attributed to &#8220;stringent actions implemented by numerous nations to address the health emergency.&#8221;<\/p>\n<p>This included Codere&#8217;s operations in Italy, its largest market, which were closed throughout the quarter and generated no income after \u20ac60.2 million in the first quarter of 2020.<\/p>\n<p>The company also had to grapple with new closures in Mexico, Argentina, and Panama this quarter, as well as further limitations elsewhere. Earnings in Mexico declined by 63.5% to \u20ac22.1 million, Panama revenue fell by 60.1% to \u20ac5.8 million, and Argentina revenue decreased by 41.4% to \u20ac38 million.<\/p>\n<p>In Spain, Codere&#8217;s second-largest market in 2020, income dropped by 34.3% to \u20ac26.6 million.<\/p>\n<p>The operator&#8217;s online business performed better, but it couldn&#8217;t compensate for the decline in physical stores, with revenue increasing by 23.6% to \u20ac19.8 million.<\/p>\n<p>The company stated: &#8220;The group&#8217;s operations continue to be impacted by the pandemic, which remains severe in many of the countries where the company operates.&#8221; <\/p>\n<p>Coderes earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at \u20ac3.5 million, a decrease of 92.7%. Although all non-Italian markets reported positive EBITDA, its Italian division reported an EBITDA deficit.<\/p>\n<p>Codere stated that the revenue reduction couldn&#8217;t fully offset the decrease in operating expenses, despite significant efficiency and cost-saving measures implemented during the pandemic.<\/p>\n<p>After accounting for additional costs like interest and taxes, Codere&#8217;s overall loss was \u20ac91.5 million, a reduction from \u20ac97.1 million in the first quarter, despite the revenue decline.<\/p>\n<p>The operator also declared that 90% of its bondholders have now agreed to a debt-for-equity swap, under which Coderes existing business will be incorporated into a new holding company, which will be 95% owned by those bondholders.<\/p>\n<p>The agreement is expected to take effect shortly, as it has now received the required 75% approval. Codere stockholders approved the agreement earlier this month.<\/p>\n<p>The transaction will see \u20ac367 million of debt capitalized. Furthermore, Codere will raise another \u20ac225 million to sustain operations until its venues can potentially reopen.<\/p>\n<p>The operator anticipates this to occur in most of its markets by June or July, but stated it could take longer in Argentina. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Codere has declared that its lenders have endorsed a strategy to manage its operations, as the company continues to face financial difficulties in the initial three months of the year, with earnings dropping by 54.3% to \u20ac127.2 million (\u00a3109.9 million\/$155.1 million) due to the shutdown of locations in nearly all of its primary markets. Codere [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Codere Struggles: Revenue Plunges 54.3% Amidst Pandemic<\/title>\n<meta name=\"description\" content=\"Codere\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/yabbycasino225nodepositbonuscodes.icu\/2024\/06\/29\/coderes-earnings-plunge-54-3-as-pandemic-impacts-operations\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Codere&#039;s Earnings Plunge 54.3% as Pandemic Impacts Operations\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Codere\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/yabbycasino225nodepositbonuscodes.icu\/2024\/06\/29\/coderes-earnings-plunge-54-3-as-pandemic-impacts-operations\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Where Casino Dreams Take Flight | Secure, Licensed &amp; Thrilling\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T21:42:40+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/yabbycasino225nodepositbonuscodes.icu\/2024\/06\/29\/coderes-earnings-plunge-54-3-as-pandemic-impacts-operations\/\",\"url\":\"https:\/\/yabbycasino225nodepositbonuscodes.icu\/2024\/06\/29\/coderes-earnings-plunge-54-3-as-pandemic-impacts-operations\/\",\"name\":\"Codere Struggles: Revenue Plunges 54.3% Amidst Pandemic\",\"isPartOf\":{\"@id\":\"https:\/\/yabbycasino225nodepositbonuscodes.icu\/#website\"},\"datePublished\":\"2024-06-28T21:42:40+00:00\",\"dateModified\":\"2024-06-28T21:42:40+00:00\",\"author\":{\"@id\":\"https:\/\/yabbycasino225nodepositbonuscodes.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Codere\",\"breadcrumb\":{\"@id\":\"https:\/\/yabbycasino225nodepositbonuscodes.icu\/2024\/06\/29\/coderes-earnings-plunge-54-3-as-pandemic-impacts-operations\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/yabbycasino225nodepositbonuscodes.icu\/2024\/06\/29\/coderes-earnings-plunge-54-3-as-pandemic-impacts-operations\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/yabbycasino225nodepositbonuscodes.icu\/2024\/06\/29\/coderes-earnings-plunge-54-3-as-pandemic-impacts-operations\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/yabbycasino225nodepositbonuscodes.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Codere&#8217;s Earnings Plunge 54.3% as Pandemic Impacts Operations\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/yabbycasino225nodepositbonuscodes.icu\/#website\",\"url\":\"https:\/\/yabbycasino225nodepositbonuscodes.icu\/\",\"name\":\"Where Casino Dreams Take Flight | Secure, Licensed &amp; Thrilling\",\"description\":\"Explore the exciting world of online gambling with our regularly updated news, honest reviews, and expert articles. 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