CODERE Group

History

Origins (1980)

Founded in 1980 by the Martínez Sampedro family, a group running recreational establishments and the Franco brothers, owners of Recreativos Franco, one of the largest slot machine manufacturers in Spain. CODERE began as an AWP machine operator.

Focused initially in Madrid, by 1982 CODERE directly or indirectly managed over 3,000 Type B AWP machines.

The increase in turnover and returns and the growth in the number of employees were constants in this first stage, as were its sustained efforts to offer clients the most innovative and highest-quality services.

Geographic Expansion (1980-2000)

In 1983, the Group spread its activity to Catalonia and the Valencia Region, and then gradually over the rest of Spain.

After consolidating its presence in the AWP machine business, CODERE initiated its expansion in Latin America and started diversifying its activities into other areas such as bingo halls, betting shops and casinos.

The opening of bingo halls in Argentina, in the Province of Buenos Aires, and the inauguration of one of the largest casinos in Latin America (Colombia) were the first landmarks of this process to expand and increase the range of activities.

In 1998 it began to run bingo halls in Mexico through agreements signed with local companies Grupo Caliente and Corporación Interamericana de Entretenimiento (CIE).

Consolidation (2000 - 2006)

In 2000, the acquisition of Operibérica, which had 3,500 AWP machines in Spain, considerably reinforced CODERE’s potential in this area of activity. Since then, the company has continued to buy up small local operators.

That same year, CODERE purchased Canoe Bingo in Madrid, among the largest in continental Europe.

In 2002, the contract to reopen the historic Maroñas racetrack in Montevideo and operate betting shops and slot machines marked CODERE’s entry into the racino business in Uruguay. This business model combines prizes from horse races with income from slot machines, along with the simultaneous broadcasting of races.

That same year saw CODERE commenced its expansion in the operation of bingo halls in Italy. 2004 saw CODERE foray into the AWP machine market in Italy and the Company continued its growth in Mexico with the set-up of electronic bingo terminals in some of its bingo halls.

In 2005 CODERE completed the purchase of a majority stake in the Argentinean Royal Group, becoming the leading operator of bingo halls and slot machines in the Province of Buenos Aires. That same year it finalised the purchase of Operbingo, owner of 9 bingo halls in Italy.

CODERE entered Brazil in 2006 through a start-up that handles sports betting facilities, while in Panama the Company acquired Crown Casinos.

This process of consolidation has been accompanied by the financial reinforcement that the Company needed, through several bonds issues and credit facilities obtained. In 2006, the Martínez Sampedro family became majority owners of CODERE following their purchase of stakes owned by the Franco Brothers, ICG and MCP.

The Start of a New Stage (2007 - At present)

CODERE was first listed on the Madrid Stock Exchange on 19 October 2007, under the CDR ticker and with a share price of 21 euros. Every day CODERE falls under the watchful eye of the capital markets, sending out the necessary message of transparency and responsibility.

In 2007, CODERE purchased 49% of the ICELA in Mexico and added Mexico City’s Las Americas horse racetrack to its existing portfolio in the country.

In 2008, CODERE is the first Company that opens a physical betting shop in Spain and the sole that has obtained license to operate in the two Spanish regions where sports betting is allowed: Madrid and the Basque Country. CODERE is leading a new leisure and entertainment option: Sports betting.

CODERE continues its international expansion and in 2009 wins the tender for the reconstruction and management of Hotel Casino Carrasco in Montevideo (Uruguay) and opens a new casino Crown in Bogotá. In 2010, the Company acquires six casinos in Panama to Thunderbird.

Operations in Italy had a positive evolution in 2010. In addition, the new initiatives implemented in response to the regulatory changes made in the last few years, such as the installation of a new model of gaming machine – VLT – and the launch of the online bingo at www.codere.it www.codere.it started this year.

In 2011, the CODERE Group signed a Purchase Option for an additional 35.8% stake in ICELA de Corporación Interamericana de Entretenimiento, S.A.B. de C.V. (CIE) from the previous owner of 49% of ICELA. In March, CODERE appeared before Congress in Madrid to promote the processing of online gambling in Spain from the standpoint of traditional operators. 

CODERE Italy closed the purchase of the machine operators: FG Slot Services, Gap Games and Gaming Re during 2011. CODERE became the exclusive distributor of international simulcasting following its agreement with Jockey Club do Parana (Brazil). The Code of Ethics and Professional Conduct of the CODERE Group was approved, representing the company's commitment to the principles of business ethics and transparency. This Code provides guidance for acting in the global environment in which the Company operates and reaffirms the Group's values.

The CODERE Foundation launched the 1st Annual Latin American Economic Journalism Award organized by IE Business School. The Award Ceremony was held in Mexico DF. The CODERE Foundation presented the book "El Juego on line" (Online Gambling) in Madrid together with Spain's antitrust authority Comisión Nacional de la Competencia.

In February, 2012 CODERE announces pricing of the US$ 300 million, 9.25% Senior Notes due 2019. Also, CODERE completes acquisition of an additional 35.8% stake in ICELA.

In March, 2013 Casino Carrasco and Las Piedras Racetrack reopening in Uruguay. In Mexico, It is celebrated the 70th anniversary of the Americas Racetrack. Horse racing simultaneous broadcasting in North America directly from the Las Americas Racetrack.CODERE signed the renewal of the corresponding operating licenses for five gaming halls in Argentina.
 
In September, 2014  CODERE reached a debt restructuring agreement. The company signed a simulcasting agreement between Maroñas and Las Piedras Racetracks in Uruguay and Cristal Racetrack in Porto Alegre, Brazil. CODERE owns the leadership of offline sports betting in Spain and launches the sports betting mobile web App: www.codere.es.

A success story