Codere Acquires 70% of Italian Firm Codgames
Key Takeaways
- Codere acquires a 70% stake in the Italian company Codgames.
- The transaction is carried out through Codere’s subsidiary Operbingo Italia.
- Codgames operates over 600 gaming machines in Calabria.
- The Manna family retains a 30% ownership stake in the company.
- This move strengthens Codere’s position in the Southern Italian gaming market.
- Financial details of the deal have not been disclosed.
Strategic Expansion in Italy
Codere continues its growth strategy in Europe by acquiring a majority stake in Codgames, an Italian operator of Video Lottery Terminals (VLTs) and “Amusement with Prizes” (AWP) machines. The 70% stake was acquired through Operbingo Italia, Codere’s Italian subsidiary. The remaining 30% stays with the founding Manna family.
Strengthening Presence in Southern Italy
Codgames operates more than 600 gaming devices in Calabria, a region of economic importance in southern Italy. With this acquisition, Codere secures direct access to this regional market. Alejandro Pascual, Chief Operating Officer for Codere Italy, described the acquisition as “an important step in the company’s expansion plan.”
Partnership with Local Roots
According to Pascual, Codgames brings exactly the qualities Codere seeks in its partners: professional structures, strong regional ties, and a commitment to the development of the gaming sector. Armando Manna, representing the founding family, sees the partnership as an opportunity to further pursue their goals. He emphasized Codere’s reliability and respect for local operators.
Part of a Long-Term Strategy
The investment in Codgames is part of Codere’s broader strategy focused on growth in Europe and Latin America. This strategy was established following a comprehensive financial restructuring last year. As a result, Codere was able to reduce its corporate debt from €1.4 billion to €190 million. The improved financial position enables targeted investments such as the current acquisition.
Our Assessment
With its investment in Codgames, Codere is strategically expanding its market presence in Italy. The focus on Calabria highlights the growing importance of regional presence for international gaming operators. Partnering with a locally established company like Codgames can help navigate regulatory and operational challenges more effectively. For both players and operators, this means increased stability and a growing range of land-based gaming options in the medium term.
Sources
- iGaming.org
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