Codere, a prominent gaming company, faced a significant setback in the first quarter of the year, reporting a notable decline in revenue. The company's revenue plummeted to €313.8 million, marking a substantial 13.6% decrease compared to the same period last year. This downturn in earnings is attributed to organizational issues plaguing Codere's operations in Mexico and Argentina.
The stark contrast in revenue becomes apparent when comparing the figures to the previous year, with the current revenue standing nearly €50 million lower than that of the first quarter of 2023. Furthermore, Codere's adjusted EBITDA for the first quarter also experienced a substantial decline, dropping by 26.6% from €64.4 million to €47.3 million. Consolidated net sales followed a similar downward trajectory, dwindling by 12.1% from €211.5 million in the first quarter of 2023 to €185.9 million in the same period this year.
Codere highlighted the challenging macroeconomic conditions in both Argentina and Mexico as contributing factors to its financial struggles. Despite Argentina's easing of several restrictions related to the gambling sector, the company continues to grapple with adverse economic conditions in the region. Similarly, in Mexico, Codere faced operational disruptions with the partial closure of 14 of its showrooms, further exacerbating its financial woes.
