{"id":266,"date":"2024-06-27T13:14:29","date_gmt":"2024-06-27T10:14:29","guid":{"rendered":"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/codere-cuts-profit-forecast-amid-latin-american-branch-inconsistencies\/"},"modified":"2024-06-27T13:14:29","modified_gmt":"2024-06-27T10:14:29","slug":"codere-cuts-profit-forecast-amid-latin-american-branch-inconsistencies","status":"publish","type":"post","link":"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/codere-cuts-profit-forecast-amid-latin-american-branch-inconsistencies\/","title":{"rendered":"Codere Cuts Profit Forecast Amid Latin American Branch Inconsistencies"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/R4bCQjRk_Yg\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Codere is examining inconsistencies in the initial six-month financial reports of several of its Latin American branches. The firm has cautioned that this could potentially decrease its full-year profits by as much as \u20ac20 million.<\/p>\n<p>Initial inquiries suggest that these unidentified subsidiaries might have exaggerated their reported performance by a sum ranging from \u20ac13 million to \u20ac18 million, which will ultimately influence its full-year EBITDA. Codere emphasized that it has not detected any additional impact on its financial liquidity, nor has it discovered any improper cash outflows.<\/p>\n<p>The company stated: &#8220;This is viewed as an isolated event and only affects this year&#8217;s figures in these specific regions.&#8221;<\/p>\n<p>An &#8220;independent and highly respected&#8221; external advisor will lead the investigation, Codere announced, and the outcomes &#8220;will be disseminated publicly through appropriate channels.&#8221; <\/p>\n<p>During the initial six months of 2019, Codere&#8217;s net deficit experienced a significant reduction of 78%, even though political instability in Argentina, which was Codere&#8217;s most prominent market in 2018, resulted in a 36.4% decrease in EBITDA within the nation.<\/p>\n<p>The company&#8217;s overall EBITDA reached \u20ac165 million, with \u20ac114.6 million originating from Latin America. Of this Latin American EBITDA, Argentina contributed \u20ac34.1 million, Mexico contributed \u20ac61.6 million, Panama contributed \u20ac5.8 million, Uruguay contributed \u20ac10 million, and Colombia contributed \u20ac3.1 million.<\/p>\n<p>The company had previously projected full-year EBITDA to be within the range of \u20ac280 million to \u20ac290 million. However, the new anticipated figures have been adjusted to a range of \u20ac260 million to \u20ac270 million.<\/p>\n<p>In separate news, Codere also revealed the departure of director Alberto Mansanares Secades.<\/p>\n<p>The company&#8217;s announcement regarding his resignation included a portion of Mansanares&#8217; resignation letter, where he stated that his decision to leave was &#8220;attributable to strictly personal circumstances, primarily stemming from the challenge of harmonizing the time commitment demanded by his role as a proprietary director of Codere with his other professional responsibilities.&#8221;<\/p>\n<p>Mansanares also holds the position of a senior partner at the law firm Ashurst, serves as an advisor in the corporate and finance sectors at the law firm Ontier, and is a law professor at the University of Madrid and the IE Law School in Madrid.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Codere is examining inconsistencies in the initial six-month financial reports of several of its Latin American branches. The firm has cautioned that this could potentially decrease its full-year profits by as much as \u20ac20 million. Initial inquiries suggest that these unidentified subsidiaries might have exaggerated their reported performance by a sum ranging from \u20ac13 million [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Codere<\/title>\n<meta name=\"description\" content=\"Codere investigates potential financial inconsistencies in its Latin American branches, potentially impacting full-year profits by \u20ac20 million.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/codere-cuts-profit-forecast-amid-latin-american-branch-inconsistencies\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Codere Cuts Profit Forecast Amid Latin American Branch Inconsistencies\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Codere investigates potential financial inconsistencies in its Latin American branches, potentially impacting full-year profits by \u20ac20 million.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/codere-cuts-profit-forecast-amid-latin-american-branch-inconsistencies\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Experience Top-Notch Online Casino Gaming | Licensed &amp; Secure\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-27T10:14:29+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/codere-cuts-profit-forecast-amid-latin-american-branch-inconsistencies\/\",\"url\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/codere-cuts-profit-forecast-amid-latin-american-branch-inconsistencies\/\",\"name\":\"Codere\",\"isPartOf\":{\"@id\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/#website\"},\"datePublished\":\"2024-06-27T10:14:29+00:00\",\"dateModified\":\"2024-06-27T10:14:29+00:00\",\"author\":{\"@id\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Codere investigates potential financial inconsistencies in its Latin American branches, potentially impacting full-year profits by \u20ac20 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/codere-cuts-profit-forecast-amid-latin-american-branch-inconsistencies\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/codere-cuts-profit-forecast-amid-latin-american-branch-inconsistencies\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/2024\/06\/27\/codere-cuts-profit-forecast-amid-latin-american-branch-inconsistencies\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Codere Cuts Profit Forecast Amid Latin American Branch Inconsistencies\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/#website\",\"url\":\"https:\/\/lionslotsnodepositbonuscodes.icu\/\",\"name\":\"Experience Top-Notch Online Casino Gaming | Licensed &amp; Secure\",\"description\":\"Dive into the thrilling world of online gambling with our fresh casino news, detailed game reviews, and informative articles. 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