Codere - Expected slowdown in 1Q18 confirmed but outlook for 2018 still solid
Codere, the Spanish gaming company, published decent 1Q18 results, even though they were marked by a 5% decline in sales to €383m, bringing four quarters of growth to a close. The slowdown was expected given the strong devaluation of the Argentinean Peso (32% of the business) against the Euro, and an unfavorable basis of comparison as the tax increases started in Q2 of last year did not affect 1Q17.
Codere is a Spanish multinational group engaged in the private gaming industry. Its core business is managing gaming machines, bingo halls, betting locations, casinos and racetracks. It operates in eight countries across Europe and Latin America.
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