Codere to launch BetSlotS joint venture in Spain

Spanish gaming company, Codere, has reportedly inked a deal which will see it partner with neighborhood independent arcade operator, Grupo Henares, so as to establish the new BetSlotS series of gambling halls.

According to a Monday report by G3Newswire, the arrangement will see Codere launch eleven new slot-concentrated gaming businesses within an about its home city of Madrid together with each one the venues to be managed by Grupo Henares.

Joint venture to benefit from parents’ ‘experience’:

Codere was established in 1980 and used a formal press release to describe the new BetSlotS marriage is due to profit from lsquo;the great experience of Grupo Henares from the efficient management of gaming halls’ combined with its ‘expertise and financing ’ this is to incorporate the provision of ‘the most modern technology and customer insight.

G3Newswire reported that Codere also declared that the new joint venture will include an additional revenue stream to its operations and fortify its already substantial presence in the autonomous Community of Madrid.

Gaming machine estate continues to grow:

The fourth quarter of last year reportedly saw Codere’s gaming machine estate rise by 2.4% year-on-year to encompass some 56,571 human machines using the entire in its home state up by 5.1% followed closely with a 4.4% rise in Mexico. The three-month period saw the company ’s global gambling hall footprint increase by four to pay 148 venues whereas its sportsbetting positions swelled by 46.6% to 6,227.

First-quarter profits slump by over 70%:

Despite these increases, the company reportedly saw its most recent first-quarter profits fall by over 70% year-on-year to just over $936,000, which it subsequently blamed worsening exchange rates in Latin America and the deterioration in the value of their United States dollar versus the Euro. It also recorded a 5.4% decrease in overall earnings for the initial three weeks of 2018 to $448.7 million despite having a 17.3% increase in turnover from its Spanish operations to $60 million.