Zona de Azar Israel – Codere Online Enjoys 32 % Jump in Revenues

Israel.- March 04, 2024 www.zonadeazar.com Codere Online, a leading online operator in Spain and Latin America, generated revenue of €46.9m in the fourth quarter of 2023, marking a 32 per cent improvement.

Mexico revenue was €22.6m in Q4 2023, 54 per cent above Q4 2022 whilst Spanish revenue reached €20.8 m in Q4 2023, 17 per cent above Q4 2022. This led to a net loss was €1m in Q4 2023 versus a net loss of €17.4m in Q4 2022. Providing full year 2024 net gaming revenue outlook of €185 to €200m and expect to generate positive Adjusted. EBITDA and cash flow.

Aviv Sher, CEO of Codere Online, stated: “In Q4 2023 we delivered an impressive 33 per cent growth in net gaming revenue to €50m, our highest ever quarterly figure, despite a tough comp with the World Cup in the prior year period. Our strategic focus on Mexico and Spain, where we are seeing a strong return on marketing investment, has proven successful, with significant increases in both our active customer base and spend per customer. Casino continued to exceed our expectations with a second consecutive quarter contributing 58 per cent of total net gaming revenue in the period.”

Mr. Sher further added: “Our net gaming revenue in Mexico grew by 54 per cent in the fourth quarter, reaching more than €25m, whereas net gaming revenue in Spain, grew by 17 per cent, to nearly €21m. We were able to grow our active customer base by more than 15 per cent in both markets in the quarter which we believe is impressive considering the similar level of marketing investment in these countries in 2023 versus the prior year.”

Oscar Iglesias, CFO of Codere Online, stated: “Our fourth quarter results have allowed us to reach nearly €172m of net gaming revenue for the full year, 19 per cent above the midpoint of the initial €140-150 mm outlook we provided early last year. This outperformance, combined with the overall lower level of marketing investment, also allowed us to deliver a better than expected negative €12mm in Adjusted EBITDA versus the initial outlook of negative €20 to 30m.”

Mr. Iglesias further added: “We are very encouraged by our performance in 2023 which further supports our expectation that we will generate positive Adjusted EBITDA and cash flow for the full year in 2024, a year in which we expect net gaming revenue of €185 to 200m. In short, we expect to deliver upon our original commitment to investors to be a profitable company in the third year after de-SPAC and are more committed than ever to creating meaningful value for our shareholders.”

Edited by @pererarte   www.zonadeazar.com