are tapping into<\/a>, indicating Codere could be onto something placing an emphasis on that region. Currently, the bulk of the operator\u2019s Latin America footprint consists of Mexico — the region\u2019s second-largest economy.<\/p>\n<\/div>\nUnlike US iGaming and sports betting companies that typically rush to enter every state possible, Codere Online took a pragmatic approach to Latin America by focusing on Mexico, not rushing into other countries simply for the sake adding new markets.<\/p>\n
\u201cWe put other markets like Argentina, Colombia or Panama, where we currently don\u2019t have a winning formula, on standby while we continued to focus in our core markets,\u201d added Jiminez.<\/strong><\/p>\nCoder Online Fast to Reach Profitability<\/h2>\n One of the primary drags on shares of de-SPACed companies, gaming and otherwise, is that those firms often try investors\u2019 patience by taking awhile to become profitable. That wasn\u2019t the case with Codere as it took the operator just two years to reach profitability, underscoring the benefit of not doing business in the high-priced US market.<\/p>\n
Jiminez said the company remains focused rapid growth while not risking its free cash flow and earnings before interest, taxes, depreciation, amortization (EBITDA) positions.<\/strong><\/p>\n\u201cWe have achieved relevant positions in these markets that we plan to defend and as we start to generate cash over the coming months, we will remain attentive to any opportunities that can help us maximize the value for our shareholders,\u201d he concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"
Broadly speaking, it\u2019s been a rough year for gaming equities, including those that came public via reverse mergers with special purpose acquisition companies (SPACs), but Codere Online Luxembourg (NASDAQ: CDRO) stands out. The Spanish sportsbook operator, which went public on Dec. 1, 2021 following a combination with blank-check firm DD3 Acquisition Corp. II, is up […]<\/p>\n","protected":false},"author":46,"featured_media":254854,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19,81884,1074],"tags":[81903,81871,90433,80968],"acf":[],"yoast_head":"\n
Codere Online Trouncing de-SPACed Gaming Competition<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n