Spanish gaming group Codere has returned to growth after seven consecutive quarters in decline.
The casino and sports betting operator recorded operating revenue of €352.1m (£280m) in Q3 2014, 7.6% higher than the previous quarter.
Codere, which noted that it remains positive over “operator efficiency measures”, also reported that earnings before interest, tax, depreciation and amortisation (EBITDA) hit €56.8m, which is well above the guidance of €47-51m and €12.3m higher than in the second quarter of this year.
However, for the nine first months of 2014, operating revenue of just over €1bn meant a decline of 12.7% in comparison with the same period in 2013.
In Spain, where Codere is the only company that operates sports betting in all regulated regions, third-quarter EBITDA increased 8.2% year-on-year to €5.3m.
The company, which is also a key player in Italy and Latin America, blamed the 55% depreciation of the Argentinian Peso for many of its woes.
Revenue in that market fell 21.8% to €350.9m for the first nine months of the year, but would have increased €96.1m at a constant exchange rate.
source : www.igamingbusiness.com
