Spanish gaming operator Codere SA (CDRE.MC) recently announced that the growth initiatives of the business will focus on sports betting in Spain while remaining attentive to the local market by acquiring more slot machines, according to G3 Newswire.
In an announcement that was sent to The National Securities Market Commission (CNMV) by the company, which has a presence in Spain, Italy, Argentina, Brazil, Colombia, Mexico, Panama and Uruguay, it will make its plans public by way of a “road show” with investors scheduled for today. The company also announced that it is looking to deploy an acquisition-focused strategy in Mexico and launch sports betting and purchase slot parlors in Italy.
Adding to the recent announcements, on Tuesday, March 4 a press release indicated that Codere signed an agreement with the leading operator of private gaming in Galicia, Comar Group (Grupo Comar). According to the news agency, the agreement will allow the joint operation of sports betting by both companies. Per the statement, the agreement will strengthen Codere’s presence in this community, resulting from the “enormous expansion Comar has made in Galicia during its more than three decades of history in the private gaming sector.” According to the news agency, the agreement carries “a high strategic value for both companies, as it will provide continuity to a number of other projects already developed in other communities.”
Founded in 1984, Comar Group has worked in the autonomous community in Spain’s northwest since 2013. Currently, Comar is comprised of 60 companies, which operate in national and international markets, including a broad range of activities such as casinos, slot parlors, bingo halls, property development and tourism (hotels, restaurants).
In other news regarding Spain, sports betting in casinos, slot parlors, and bingo halls will be authorized by the Government of Andalusia, according to an announcement made last month during the fifth edition of the Andalusia Gaming Conference. Andalusia is located in the south of the Iberian Peninsula, while Galicia is located in the North-West.