Investors have been told by Bolsa Madrid gambling company Codere SA that it has obtained a further € 20 million loan to finance its Mexican business unit.
Sanctioned on Friday, March 13, Codere Governance obtained access to an additional MXN 500-million-peso bond (€ 20 million) with debt terms set for 2025.
Updating creditors, Codere said the loan was approved to safeguard stability for its Mexican properties, resolving COVID-19 sports and business disturbances.
The Bolsa Madrid group added that access to’ additional liquidity’ was key in securing its prospects for Mexican market.
Following desperate trading in 2019, Codere obtained access to an exclusive LatAm credit facility, generating € 36 million in working capital that was used to help support its Mexico and Uruguay subsidiaries.
The Spanish company, facing numerous economic headwinds within Argentina, Codere’s largest operating area, has changed its growth focus to seeking Mexican business opportunities.
Codere currently operates 95 arcades and 90 retail betting points with an proven Mexican profile. Additionally, Codere has won rights to become a minority investor, establishing a $1 billion Mexico City casino resort project with Hard Rock International, a US entertainment company.