Codere Group
History
Origins
Founded in 1980 by the Martínez Sampedro family, a group running recreational establishments and the Franco brothers, owners of Recreativos Franco, one of the largest slot machine manufacturers in Spain. CODERE began as an AWP machine operator.
Focused initially in Madrid, by 1982 CODERE directly or indirectly
managed over 3,000 Type B AWP machines.
The increase in turnover and returns and the growth in the number of employees were constants in this first stage, as were its sustained efforts to offer clients the most innovative and highest-quality services.
Geographic Expansion (1980-2000)
In 1983, the Group spread its activity to Catalonia and the Valencia Region, and then gradually over the rest of Spain.
After consolidating its presence in the AWP machine business, CODERE initiated its expansion in Latin America and started diversifying its activities into other areas such as bingo halls, betting shops and casinos.
The opening of bingo halls in Argentina, in the Province of Buenos Aires, and the inauguration of one of the largest casinos in Latin America (Colombia) were the first landmarks of this process to expand and increase the range of activities.
In 1998 it began to run bingo halls in Mexico through agreements signed with local companies Grupo Caliente and Corporación Interamericana de Entretenimiento (CIE).
Consolidation (2000 - 2006)
In 2000, the acquisition of Operibérica, which had 3,500 AWP machines in Spain, considerably reinforced CODERE’s potential in this area of activity. Since then, the company has continued to buy up small local operators.
That same year, CODERE purchased Canoe Bingo in Madrid, among the largest in continental Europe.
In 2002, the contract to reopen the historic Maroñas racetrack in Montevideo and operate betting shops and slot machines marked CODERE’s entry into the racino business in Uruguay. This business model combines prizes from horse races with income from slot machines, along with the simultaneous broadcasting of races.
That same year saw CODERE commenced its expansion in the operation of bingo halls in Italy. 2004 saw CODERE’s foray into the AWP machine
market in Italy and the company continued its growth in Mexico with the set-up of electronic bingo terminals in some of its bingo halls.
In 2005 Codere completed the purchase of a majority stake in the Argentinean Royal Group, becoming the leading operator of bingo halls and slot machines in the Province of Buenos Aires. That same year it finalised the purchase of Operbingo, owner of 9 bingo halls in Italy.
CODERE entered Brazil in 2006 through a start-up that handles sports betting facilities, while in Panama the company acquired Crown Casinos.
This process of consolidation has been accompanied by the financial reinforcement that the company needed, through several bonds issues and credit facilities obtained. In 2006, the Martínez Sampedro family became majority owners of CODERE following their purchase of stakes owned by the Franco Brothers, ICG and MCP.
The Start of a New Stage (2007-2008)
CODERE was first listed on the Madrid Stock Exchange on 19 October 2007, under the CDR ticker and with a share price of 21 euros.
In 2007, CODERE purchased 49% of the ICELA in Mexico. And in Spain it was awarded the first licence to operate sports betting in the Basque
Country, opening up a completely new market segment that had hitherto not existed in the country.
In 2008, VICTORIA, the Spanish Sports betting brand of CODERE, starts its operations in Madrid and Basque Region.