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Latin America –Codere hit by downturn in Argentina and Mexico

A downturn in trade at its casinos in Argentina and Mexico saw revenues fall by seven per cent during the year for Latin American operator Codere, despite huge gains in the Uruguayan gaming market.

During 2013 GGR reached €1546.7m, hit by falling revenues in Argentina, where revenue was down by 10.7 per cent and Mexico, where GGR fell 12.5 per cent, partially offset by a huge increase in Uruguay where revenues were up 58.1 per cent.

In the fourth quarter, operating income totalled €372.3m, 7.6 per cent less than in the same period last year. Gross profit amounted to €206.1m in 2013, 28.3 per cent fewer than in 2012.

Declines in Argentina were blamed on the smoking ban and the devaluation of the Argentine peso against the euro, in Italy by the tax increase, and in Mexico by the temporary closures of venues in certain areas.

The group stated: “These non-recurring items relate to the process of financial restructuring and associated expenses generation efficiencies. Without these non-recurring items, EBITDA for 2013 would amount to €242.5m, with a margin of 15.7 per cent.”