Codere purchases controlling interest in Italian gaming company Codgames

Codere Group has completed a significant acquisition by securing a majority stake in Codgames, an Italian company focused on managing video lottery terminals (VLT) and amusement with prizes (AWP) machines. Under its subsidiary, Operbingo Italia, Codere now holds a 70% stake in Codgames, with the remaining 30% retained by the Manna family, the original founders.

While specific financial details of the deal were not disclosed, this acquisition marks a new chapter for Codere in Italy, particularly in the southern region of Calabria, where Codgames currently operates more than 600 machines. Codere’s presence in Italy spans over two decades, encompassing both the online and land-based gambling sectors.

Alejandro Pascual, the regional manager of Codere Europe and the Chief Operating Officer of Italy, expressed enthusiasm for this strategic move. He emphasized that this acquisition not only strengthens Codere’s footprint in Italy but also unlocks new opportunities within the broader Italian market. Pascual views Codgames as an ideal partner that aligns with Codere’s values, emphasizing professionalism, local ties, and a dedication to sector development.

Similarly, Armando Manna, representing the original family behind Codgames, highlighted the growth potential that this partnership with Codere offers. Manna praised Codere for its extensive experience, reliability, and consideration for local operators. By joining forces, Manna believes that Codere and Codgames can tackle future challenges successfully and continue to enrich the local community.

Looking ahead, Codere Group is eyeing further expansion in both Latin America (LatAm) and Europe after recent corporate restructuring efforts that significantly reduced its debt load. In line with this strategic vision, the acquisition of Codgames not only enhances Codere’s presence in Italy but also sets the stage for future growth and development across various markets.

In conclusion, Codere’s acquisition of a majority stake in Codgames represents a significant move in its strategic expansion plan, consolidating its position in Italy and paving the way for future opportunities. With a strong commitment to partnership, professionalism, and community impact, Codere and Codgames are poised to navigate challenges and drive sustained growth in the dynamic and competitive gambling industry.