The following is a summary of the Codere Online Luxembourg, S.A (CDRO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Codere Online Luxembourg, S.A reported a net gaming revenue of €536 million for Q1 2024, marking a 34% increment from the previous year's quarter.

• The upswing in the revenue is primarily due to contributions from the Casino segment.

• Average monthly spend per customer rose by 16%, hitting €123, and the company acquired 75,000 first-time depositors at an average cost of €216.

• Consolidated net gaming revenue saw a 34% hike with Mexican business noted at a 51% growth and Spain accounted for a 21% growth.

• The company marked a positive €1.7 million in adjusted EBITDA, a monumental improvement nearing €5 million from Q1 2023.

Business Progress:

• Investments have been channelized considerably towards optimizing the Casino segment.

• Operations in Argentina's Province of Mendoza are set to launch.

• The company has extended its sponsorship with Mexican football club Rayados.

• The company anticipates an increase in Net Gaming Revenue outlook from €185-€200 million to €195-€210 million.

• New player acquisition, with a focus on Casino-first players, has become a focal point.

• Codere is developing an omni-channel strategy for a consolidated customer experience.

• The company is evaluating its investment strategy and is inclined towards high ROI opportunities.

• Improvements have been noted in the margins in Colombia and Panama.

• Expansion into additional regions in Argentina is being considered and evaluated.

More details: Codere Online Luxembourg IR

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