CODERE TO EXIT ARGENTINEAN MARKET?
Threat of Nationalisation and repatriation of capital cited
According to various press reports, Spanish gaming firm Codere is to cease operations in Argentina with the closure of fourteen bingo halls in Buenos Aires.
The company, despite reporting strong revenue and operating profits from the region as well as receiving an extension to five of its licenses until 2017 reportedly has difficulty repatriating capital from the country to its other operations.
Another concern is the call of trade unions for the nationalisation of the gaming industry in Argentina.
Codere had not yet formally commented on the issue when we went to press, but seemingly has a number of companies interested in buying its Argentinean operations.