Codere buys 70% of Codgames and expands presence in southern Italy
Codere, one of the giants in the gaming and betting sector, has just taken another important step in its growth strategy. The company announced the purchase of 70% of Codgames, an Italian operator of slot machines (AWP) and video lottery terminals (VLT). This deal was carried out through Operbingo Italia, Codere’s subsidiary in the country.
With this, Codere strengthens its presence in Italy and, at the same time, begins operating in the south of the country, more specifically in the Calabria region, where Codgames already operates around 600 machines. The remaining 30% of the company is still in the hands of the Manna family, who founded Codgames.
Growth with local partners
For Alejandro Pascual, responsible for Codere’s operations in Europe and COO of the company in Italy, this purchase represents a strategic step forward. “This move is very important for our expansion in the country. Codgames has everything we look for in a partner: professionalism, local roots, and commitment to the sector. We are confident that this union will open doors to new opportunities,” he said.
Armando Manna, from the founding family of Codgames, also celebrated the news. “We are proud to join a company like Codere, which shows not only competence but also respect for local operators. We believe this partnership will help us grow and continue contributing to the community.”
A new phase after financial restructuring
This acquisition comes shortly after a major turning point in Codere’s history. In 2024, the company underwent a significant financial restructuring. It reduced its debt from more than one billion euros to around 190 million euros. Most of the company ended up being transferred to creditors, who already held equity stakes.
Despite this challenging phase, Codere managed to recover. With the restructuring, it also received a capital injection of 60 million euros, which gave new momentum to continue investing and growing in key markets such as Italy and Latin America.
The group’s CEO, Gonzaga Higuero, highlighted that this change was essential for the company to refocus on the future. “We now have a solid financial base to carry out our growth plans. We thank our customers, investors, and team for trusting in our work.”
Focus on the long term
With the purchase of 70% of Codgames, Codere makes it clear that Italy remains one of its priority markets. The idea is to build a strong network with a presence in several regions of the country — and for that, it makes perfect sense to join forces with local partners who know the landscape well. Codgames, for instance, already has a solid operation in Calabria, and the Manna family remains involved, ensuring continuity and market knowledge.
In addition to Italy, Codere is also keeping an eye on its markets in Latin America, especially Mexico, Argentina, and Colombia. Despite facing some economic challenges, such as inflation and currency devaluation in some of these countries, the company has been showing signs of recovery. In some regions, revenue is already growing faster than inflation.
The strategy is now clear: take advantage of the new financial structure to invest in expansion, improve operations in existing markets, and explore new opportunities. All of this with a focus on generating long-term value.
This article was first published in Portuguese on 21 April 2025.
