The following is a summary of the Codere Online Luxembourg, S.A. (CDRO) Q3 2024 Earnings Call Transcript:
Financial Performance:
Codere Online reported a 20% increase in net gaming revenue to €52 million, driven primarily by strong performance in Mexico.
Adjusted EBITDA for the quarter stood at a positive €1.5 million, reflective of improved operational performance despite increased marketing investments and platform expenses.
Business Progress:
Focus on enhancing the casino segment led to revenue contribution aligning with second quarter levels despite a seasonal decline in sports betting.Introduced measures to improve retention rates, resulting in a 15% increase in average monthly active customers.
Opportunities:
Positive outlook for continued expansion in core markets like Spain and Mexico, with plans to explore potential market expansions or strategic acquisitions in new regions.
Risks:
The significant devaluation of the Mexican peso poses a financial impact, with a need to continuously monitor and potentially implement hedging strategies in the future.
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