Codere has celebrated its 75th anniversary by securing a 15-year extension to its licence for the operation of 90 Mexican gaming establishments.
The Spanish gaming group, which operates in the country through its Administradora Mexicana de Hipodromo and Operadora Cantabria subsidiaries, will maintain the venues as part of an ongoing strategy to increase its Mexican presence.
“We are a leading company in private gaming in Mexico and these accomplishments allow us to continue strengthening our position,” said CEO Vicente Di Loreto.
“We will carry on investing in this country, our most relevant market, so as to keep expanding and enhancing our gaming offer.”
The company was also granted a 25-year lease extension on the Hipodromo de las Americas, Mexico City, the largest racetrack in Central America, with an 8,000 spectator capacity and 1,400 regular competitors per year.
The track, commonly known as Ovalo Sotelino, is also a key part of the Federacion Internacional de Autoridades Hipicas, the Central and South American horseracing regulatory body.
The Mexican market accounted for 24 percent of Codere’s group revenue for 2017, with the company operating 19,600 gaming terminals, 95 gaming halls and 89 betting points across the country.
A statement from the company added that the extensions mean “a new boost to the Company’s business in Mexico, the market for the Group’s main operation, which represented 35 percent of its EBITDA in the third quarter of the year.”
The announcement secures Codere’s position as the leading horseracing and betting operator in the country.