Global Presence

Panama

Casino Crown, PanamaThe strong economic dynamism being experienced by Panama, with the expansion of the Canal and the free ports with free trade areas, is also reflected in the gaming sector.

Codere manages a wide range of businesses in Panama: : gaming machines, casinos, gaming halls, the Presidente Remón racetrack—the only one of its kind in Central America—and online gaming. Results from these areas of activity show steady growth. These areas are boosted by the ongoing improvements carried out by Codere for the purpose of ensuring excellence in the service provided to its customers.

Since October 2005, Codere is the new concessionaire holder of the Presidente Remón Racetrack in Panama City, Panama, one of the most important in the region. At this Central American racetrack, Codere´s subsidiary, Hípica de Panamá, intends to reproduce the success achieved in Uruguay with the historical Maroñas track, which it has operated since 2003. Codere has also set up the business model known as racino in Panama, which combines betting on races with gaming machines.

2010 was a very positive year for casinos in Panama, the country where Codere operates more casinos. The Colón Casino, which was reopened in September 2010, must be added to the 4 casinos that were being operated under the CrowN Casinos brand at the beginning of 2010.

On August 2010, it is completed the purchase of Thunderbird Resorts Inc.’s 63.6% stake in six casinos in Panama operating under Fiesta Casino brand. This fact has allowed Codere to become the leader in the Panamanian market and it has allowed the Company to more than double the gaming modes it offered its customers up to then. In 2013 the Company celebrated 15 years of operation of CrowN and Fiesta Casinos brands. In April the new casino, CrowN El Panama, was opened. In 2014, the Company implemented around 200 state-of-the-art new gaming machines, thus boosting the entertainment offer inside its gaming halls and casino cash register systems.

In 2015, the Company finalized the integration of the CrowN brand nationwide and in 2016 its celebrated the 60th anniversary of The Presidente Remon Racetrack, the one and only racetrack in Central America, also, the company contunued the activity in Laffit Pincay Jr. Jockeys Training Academy. 

2020 has demonstrated the importance of online operations. The company was able to take advantage of the pandemic crisis to give a major boost to its online activity, and in this way deepen its commitment to omni-channel coordination.
 
We can see a clear example of this phenomenon in Panama, where in October 2020, the company enhanced and modernized its horse betting options. Users can now register and open an online account to place bets and collect prizes on the internet, under strict security measures. In addition, in 2020, new online systems were incorporated for adding money to sports betting accounts, thereby strengthening and modernizing this activity.
 
The company’s operations have been impacted since the final months of 2020 and early January 2021, due to worsening developments in the pandemic. In Panama, additional temporary closures have been implemented since late December (mainly in Panama City), which led the gaming halls to gradually close until in mid-January there were only three halls in operation, followed by the racetrack, which resumed operations on February 8.

 

Areas of Activity (2020)

  • Gaming machines: 1,750
  • Gaming halls: 9
  • Betting locations: 47
  • Racetracks: 1 

Turnover (2020)

  • Revenue: €22.7 million 
  • EBITDA: €(0.9) million 

Milestones

  • 2005: Purchase of racetrack 
  • 2006: Purchase of Crown Casinos
  • 2007: Opening of the Crown Casino Racetrack. 
  • 2008: Opening of Crown Casino Radisson Colon 2000. 
  • 2010: Purchase 6 new casinos.
  • 2010: Opening of Colon Casino. 
  • 2011: Consolidation of the adquisition of six casinos.
  • 2012: Consolidation of the adquisition of six casinos.
  • 2013: Opening of the CrowN El Panamá. 
  • 2014: Celebration of the 58th anniversary of Presidente Remon Racetrack. The 5th generation of jockeys graduated from the Laffit Pincay Jr. Jockeys Training Academy
  • 2015: The Company finalized the integration of the CrowN brand nationwide and celebrated the 59th anniversary of The Presidente Remon Racetrack, the one and only racetrack in Central America.
  • 2016: The Company celebrated the 60th anniversary of the Hipódromo Presidente Remón racetrack, the only one in Central America. 

CODERE Panamá