Codere is moving ahead with its strategy to expand in the emerging gaming and gambling markets in Latin America.
In a recent filing with Spain’s CNMV capital markets commission, the gambling operator has confirmed that it has managed to get two corporate credit lines which would get the company funds to the tune of €36 million to boost its business subsidiaries in Mexico and Uruguay.
The newly secured credit lines are on top of what the company already has. Codere already has a €90 million revolving credit facility. However, the Spanish gambling operator has only to date accessed €40 million of funds.
The company’s extended credit lines are also attached to the refinanced €770 million bond. The bonds will mature in 2021.
It is reported that the major chunk of the funds will go towards the company’s business subsidiaries in Mexico.
The funds will precisely be used to fund the company’s plans to scale and help improve the prospects of its existing outlets and gambling facilities.
Codere operates 95 arcade properties and 90 betting points in the Latin American country.
The leftover funds, if any, would go to boost the business subsidiary in Uruguay. In Uruguay, the company operates six arcades, 26 betting points, and two racing tracks.
Codere is planning serious expansion in Latin America and Mexico in particular. Earlier in the year in August Codere announced that it has struck a deal with casino and gambling giant Hard Rock International to develop an integrated casino resort in the heart of Mexico City.
It said that the new casino would be built at an estimated cost of $1 billion.