Codere Group has moved to significantly bolster its foothold in the Italian gambling landscape with the acquisition of a 70% share in Codgames, a Calabria-based operator known for managing Video Lottery Terminals (VLTs) and Amusement with Prizes (AWP) machines. The remaining 30% of Codgames will remain with the founding Manna family, preserving a local partnership model that Codere has come to value.

The transaction was executed through Codere’s Italian arm, Operbingo Italia. Codere Group announced the deal through a press release but did not disclose its financial details. However, the strategic importance of the deal is unmistakable. Codgames operates more than 600 machines across the Calabria region in southern Italy, a territory that complements and extends Codere’s current operational reach.

A Strategic Step in Regional Expansion

Codere has been active in the Italian gaming industry for over two decades, initially establishing itself through the acquisition of the Operbingo network in 2001. Since then, its operations have diversified across both online platforms and land-based gaming outlets, including a robust infrastructure of over 7,000 machines across 800 venues.

The addition of Codgames not only enlarges Codere’s machine portfolio but also reinforces its position in a region that is vital to its continued expansion strategy. With Italy preparing for a significant regulatory overhaul of its land-based gambling sector in 2025, this move comes at a pivotal time for companies looking to solidify or expand their presence.

Codere Sees Long-Term Growth Potential

Alejandro Pascual, Codere Europe’s Regional Manager and Chief Operating Officer for Italy, emphasized the deal’s significance in enhancing the group’s national footprint.

“This acquisition represents an important step in our territorial expansion plan in Italy,” he stated. “Codgames embodies the values we seek in our partners: professionalism, local roots and commitment to the development of the sector. We are convinced that this alliance opens the door to new opportunities and strengthens our long-term common project.”

Codere’s emphasis on local engagement and sector integrity continues to shape its acquisition philosophy. This alignment of values played a critical role in forming the new partnership with Codgames.

Codgames Embraces Future Opportunities with Codere

For Codgames, the deal represents a chance to scale and refine its operations while maintaining its regional identity. Armando Manna, a member of the founding family, highlighted the mutual respect and opportunity embedded in the agreement.

“We are proud to join a group like Codere, which has demonstrated not only solid experience and reliability, but also a deep respect for local operators,” Manna said. “We are confident that this collaboration will allow us to successfully face future challenges and continue adding value to our community.”

This sentiment echoes Codere’s ongoing efforts to build sustainable and locally respectful partnerships as it grows.

Acquisition Follows Financial Turnaround

The deal marks Codere’s first significant acquisition since completing a substantial recapitalization in 2024. After slashing its corporate debt from €1.4 billion to roughly €190 million—later trimmed further to around €65 million—Codere signaled its readiness to reengage with strategic growth initiatives.

That financial restructuring earned strong support from stakeholders, with more than 90% of creditors backing the plan. This overwhelming endorsement not only alleviated Codere’s debt burden but also positioned the company for fresh investments and operational enhancements across key markets such as Italy and Latin America.